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Are there common estate planning oversights?

On Behalf of | Apr 8, 2021 | Estate Planning

Estate planning often involves more steps than someone realizes. Besides crafting all the relevant documents, the planning process has many minor details to focus on. Leaving things out of a will or health care proxy could create problems. Why make any trouble for beneficiaries going into Florida probate court? Thankfully, estate planning allows an unlimited number of revisions before a person’s death. Testators and grantors may revisit their wills and other forms to make changes as needed. Doing so might cut down on the chances that something ends up overlooked.

Details and items worth reviewing during estate planning

Possibly the most drastic oversight involves writing a will or another estate document that is invalid. Inexperience could lead to many do-it-yourself estate planning oversights and mistakes. Not following state requirements for a legal will may result in a rejection by the probate court. Also, writing a confusing will that lacks clarity could create problems for heirs. Working with a professional legal team might reduce the chances of such a disaster.

Working with an attorney may potentially decrease avoidable oversights like not naming alternate beneficiaries. Anything that could happen to a beneficiary during probate, including passing away. Is there another beneficiary named as a successor to the original beneficiary? The will could also include language about what to do if the primary beneficiary suffers from mental or physical incapacity.

Solutions not initially considered

Making assumptions about who will care for a pet after the owner passes away could be a mistake. Estate plans can address how to care for pets and set aside money for their care.

Thinking about a beneficiary’s capabilities might extend beyond their ability to care for a pet. Is the person able to manage money well? Perhaps a trust may prove more appropriate than a will.

Does an individual foresee relatives fighting over their property? Maybe the testator should consider ordering all physical property sold and the assets split evenly. That’s one example of how to prevent potential conflicts or disagreements.

An attorney may provide answers to questions that clients have about estate planning steps. The attorney may draw up all relevant documents and assist in period reviews to ensure that everything is current.