Estate planning is something often perceived to be only for wealthy people. This is a common misconception as every adult should at least have a living will. In truth, estate planning is a necessary way to reduce taxes on your estate and to appropriately distribute your assets postmortem. In this article, we will explain many of the most common mistakes people make pertaining to estate planning and how an estate planning attorney in Tampa can help you avoid any of these pitfalls.
You Don’t Have an Estate Plan
The big mistake people make with their estate planning is that they don’t have one. Most people don’t want to deal with the negativity that surrounds the topic of dying and they elect to ignore the fact that they need a plan or they procrastinate in setting up a plan. You should never assume that the government-regulated probate court will make the exact same decisions you would have made. From transferring ownership of your property to controlling your assets to the guardianship of minors, it’s essential to have a plan in place. It’s important to remember that you can always alter these plans at a later date.
You Don’t Understand the Nuances of Estate Planning
If you do not specialize in estate planning, it’s easy to get lost in the process. Without the right guidance from an attorney that is intimately familiar with developing an estate plan, you can make many mistakes that negatively impact the value of your estate. Estate planning is a unique and comprehensive legal service that takes into account tax laws, property laws, trust and insurance laws, and many other in-depth legal issues. Whether you need to be kept up-to-speed on legislation changes that could impact your estate plan, you want to ensure your retirement plan has a designated beneficiary, or you want to create specific types of trusts for family members, there are many ways a legal expert can ensure your best interests are covered.
You Don’t Consult With an Attorney
One major mistake that many people make is they are so focused on saving money in the short-term that they create an estate plan, but they don’t consult with an estate planning lawyer in Tampa. Ironically, this oversight can impact their estate plan dramatically in the long-term if many of their assets are not properly protected. By investing a little more capital upfront, a legal expert that specializes in estate planning will ensure you have peace of mind knowing that your assets are protected to support your family in the future.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.