When it comes to protecting your assets and securing your family’s future, estate planning is one of the most important steps you can take. At Michael T. Heider, P.A., we help individuals and families throughout Florida avoid costly legal errors that can result in unnecessary court involvement, taxes, or disputes. Below, we’ve outlined the seven most common estate planning mistakes we see and how you can avoid them.
1. Failing to create a comprehensive estate plan
One of the biggest estate planning mistakes in Florida is not having a plan at all. Many people assume that a simple will is enough, but this can leave your estate vulnerable to probate and conflict. A comprehensive plan should include a will, power of attorney, healthcare directives, and possibly a trust depending on your needs.
Without a full estate plan, your loved ones may face long delays and high costs when dealing with your estate. We can help you identify what documents are essential for your situation and ensure they are drafted correctly.
2. Not updating your plan after major life changes
An estate plan is not a one-and-done document. Life events such as marriage, divorce, the birth of a child, or the sale of a property should prompt immediate updates. Failing to revise your estate plan can result in outdated beneficiaries or incorrect instructions.
If you’ve experienced any significant change in your life, we recommend reviewing your estate documents with us as soon as possible. This can prevent your assets from being distributed in ways that no longer reflect your wishes.
3. Improperly funding your trust
Many Florida residents create a revocable living trust to avoid probate but forget to fund it properly. If your assets aren’t retitled into the name of the trust, the trust becomes ineffective, and your estate may still go through probate.
As your Florida probate lawyer, we make sure your trust is properly funded by guiding you through the process of transferring property titles and accounts. It’s a crucial step that many overlook, and it can make all the difference.
4. Choosing the wrong personal representative or trustee
Selecting a trustworthy and capable individual to serve as your personal representative (also known as an executor) or trustee is vital. Some people pick family members out of obligation, even if those individuals lack the responsibility or availability to serve.
We help our clients evaluate their choices carefully. Sometimes a professional fiduciary is a better option. The goal is to ensure the person you choose can handle complex financial and legal tasks, communicate effectively, and follow your instructions to the letter.
5. Overlooking digital assets and online accounts
In today’s digital world, more of your assets and personal records may exist online than ever before. From social media profiles to cryptocurrency wallets and online banking, these accounts must be addressed in your estate plan.
We encourage clients to keep a secure inventory of login credentials and make sure their estate documents authorize the personal representative to access digital assets. This helps prevent complications or even the permanent loss of valuable information.
6. Ignoring the Florida homestead laws
Florida has unique homestead protections that can affect how your primary residence is distributed. Misunderstanding these laws can lead to unintended consequences, such as blocking the sale of your home or disqualifying certain beneficiaries.
We carefully review your real estate holdings and explain how homestead laws affect your plan. By aligning your estate strategy with Florida’s legal framework, we help ensure your wishes are carried out properly.
7. Not consulting a qualified Florida Probate Lawyer
DIY estate planning tools are widely available online, but they rarely account for Florida’s specific legal requirements. Documents may be executed improperly, contain vague language, or conflict with state laws.
Working with an experienced Florida probate lawyer can help you avoid costly errors that only become apparent after death or incapacity. At Michael T. Heider, P.A., we take the time to understand your family structure, financial goals, and legal concerns so that your plan works as intended.
To schedule a consultation, call us at 727-235-6005 or contact us to schedule a consultation. We’re here to help you protect what matters most.