Crestview Probate and Estate Planning Law Blog

People often put off making plans for the future, or they may think that their previous efforts to get protections in place were sufficient. Misunderstandings about the estate planning process are widespread, and they can be costly for Florida heirs and beneficiaries down the road. It is worthwhile to review plans to ensure that certain mistakes and incorrect assumptions do not cause problems down the road.

One of the most common misunderstandings about estate planning is that it is assuming death is forthcoming or that drafting a will is somehow tempting fate. This is simply not true. Planning for the future is smart and practical for people of all income levels and estate needs. Another incorrect assumption that people have is that their estate plan cannot or should not be changed once it is in place. In reality, significant life changes likely necessitate updates and adjustments to an existing estate plan.

There are many decisions to make when you open a business. Will you run it yourself or take on a business partner? How will you structure your company to get the most advantages from it?

Keep in mind that while each type of business formation has benefits and drawbacks, typically one will meet your needs more than the others. Let's examine the differences of some common business entities.

It's important to take steps in order to prepare for unexpected events in life, including death. Unfortunately, this process is often placed on the back burner in Florida and elsewhere. In addition, when people do actually engage in estate planning, they often make some costly mistakes in the process. Here are some major mistakes that are critical to avoid when planning an estate.

The top estate planning mistake is not creating a will at all. Research shows that half of Americans lack wills, which are designed to spell out how various assets are to be distributed when the estate owner passes away. Ideally, people should create wills when they are young and then update these documents as they age.

Individuals in Florida typically see the value of storing their critical documents in safe places. These documents range from birth certificates to passports, for example. Likewise, it is important that estate planning documents are maintained properly. Here are a couple of important steps for securing wills and other related documents.

For starters, people who create estate plans would be wise to tell others, such as their loved ones, where these plans are being stored. This is vital because documents like powers of attorney, powers of attorney for health care and living wills might be needed right away. Furthermore, filing a will with the local probate court might be necessary after the will creator passes away.