Creating an estate plan helps you support your loved ones and pass your legacy on to another generation. Your estate plan is also an essential part of the probate process. It will give your family members a guide on how you want to distribute your assets.
Estate planning laws can be complex, leaving room for error. These are some of the most common mistakes you should watch out for in your estate plan.
Don’t forget your signature
You would think signing your estate planning documents would be part of creating them. In many cases, people will meet with an attorney to discuss their plan and will go home with draft documents to review. Signing your will in front of the appropriate witnesses and notary public is on your to-do list. However, as time goes by, you may forget to complete the signing process.
As you consider the importance of a signature on estate planning documents, you should remember that your will may not be valid if it is unsigned or if the signature does not follow Florida guidelines.
Not funding a trust
As you reviewed your assets with an attorney, you decided that a trust would be an excellent addition to your estate plan for supporting your loved ones. Creating a trust can seem like a complex process, and you may have completed the first few steps to create the trust.
Unfortunately, if you do not fund the trust with your assets, there may be nothing to convey to your beneficiaries. After creating your estate plan and the trust that goes with it, it is essential to determine how you will fund the trust, and the steps you need to take to put the funding in place. In some cases, funding a trust also means that you need to designate the trust as a beneficiary on an account that holds the funds for the trust.
Before you determine that your estate plan is complete and conforms with Florida law, have a skilled professional review the details that are commonly forgotten or overlooked.