Figuring out how your assets will be distributed after your passing is an important step in making sure your life is in order. As a Florida resident, you’ll want to safeguard your assets and pass them on to the people and organizations you care most about.
Many people believe their estate planning is in good order, but appearances can be deceiving. While on the surface it may seem that you’ve squared everything away, there are a number of areas where people commonly make mistakes.
Checklist for estate planning
One of the most frequent errors people will make is to let their will or estate plans fall out of date over time. Even the best plan can become out-of-date as life events happen over the months and years.
For example, you may have written a will bequeathing items like a property or automobile, then at some point in the future end up selling that asset. Those types of events can lead to issues when your will is eventually resolved.
Another common issue can be neglecting to provide your executor with all the information and details they’ll need to process your will. As the world becomes more and more digital, passwords grow increasingly important. Without them, your executor will struggle to access your relevant accounts.
Yet another area of conflict can come about if your will only focuses on the big picture. It’s true that high-value assets like property will usually draw the most attention. But often times items holding sentimental value can be nearly as important to your heirs.
Finally, it’s important to spend a little time confirming that you’ve spelled out your wishes in a way that holds up legally. Different states have different rules about what counts as a legally binding will. Make sure you’re in accordance with the law, to avoid possible complications and challenges.
Planning your estate doesn’t have to be difficult, but it does pay to spend extra time to make sure you’ve set it all up correctly. This will lead to a smoother transition in passing your assets according to your wishes.