Misconceptions About Estate Planning in Florida

There are many reasons you may be putting off planning your estate — you want to wait until your children are older, you fear losing control over your assets or maybe you just don’t think it is necessary.

Unfortunately, there is an abundance of inaccurate information about estate planning in Florida. This misinformation may be the reason you aren’t taking the steps you should be taking. If you don’t set up a sound plan for the future, what will happen to your family if you become incapacitated or are involved in a fatal accident?

Consider the following misconceptions about the estate planning process:

• Your family will do the right thing — Many people do not concern themselves with wills or estate planning because they believe their family will do the right thing. It’s a nice thought. However, without instructions, your loved ones may end up fighting over your estate or unsure of your healthcare wishes.
• Estate plans are for the wealthy — Regardless of your wealth, without an estate plan in place, how will your intended beneficiaries receive their rightful inheritance? If you fail to provide a valid will, your estate will be distributed in accordance with Florida’s intestate probate laws.
• Once I draft my will, I’m done — Too many heirs have paid the price because their deceased relative or spouse failed to update his or her will. After drafting your will, it is crucial that you take the necessary steps to make it official. Furthermore, make sure to update your will after every birth or death in your family and after any other major life decisions and events that occur.

The best way to obtain accurate information on estate planning in Tampa and throughout Florida is to trust your attorney. He or she can review your details and provide you with reliable guidance on how to move forward most effectively.