Just like growing gray hairs and developing wrinkles, writing an estate plan is a necessary but often dreaded component of growing older. Your estate plan can be defined as a plan for the management of your assets during and after your life, especially in relation to your loved ones. You don’t want to procrastinate on developing your estate plan, but also want to be sure to work with a trusted attorney so you don’t make any of the following mistakes.
Mistake #1: Never Talking To Your Children About Your Estate Plan
Your six-year-old child will not understand the details of your estate plan, but your 29-year-old certainly will! After carefully consulting with your attorney about the details in your estate plan, it is time to share some or all of those details with your children. Failing to be transparent about your plans and wishes can cause significant confusion and conflict upon your death. It is far better to help your children understand what they should expect down the road, especially since you will be available to offer clarifications and explanations.
Mistake #2: Neglecting to Review and Update Beneficiary Designations
The beneficiaries you designate in your estate plan will receive specific assets upon your death. Those assets could range from real estate property to heirlooms or money. Regardless, it is essential that you review and update your beneficiaries every few years as needed. Marriage, divorce, birth, and death can all dramatically influence the decisions you make regarding your beneficiaries.
Mistake #3: Failure to Consider Taxes
Unfortunately, you can’t escape taxes even after your death. Estate taxes and inheritance taxes could have significant impacts on the implementation of your estate plan. Since 12 states have an estate tax and six states require an inheritance tax, it’s crucial that you work with an attorney in the Tampa area to ensure you understand Florida laws and plan accordingly for your loved ones.
The best way to create an estate plan is to work with an experienced and compassionate attorney like those at North Tampa Law Group. As estate plan experts in Hillsborough and Pasco Counties, the attorneys at North Tampa Law Group are here to guide you through the estate planning process without experiencing common pitfalls and obstacles. Call (813) 699-3673 to get started now. Why wait?