These Mistakes Can Damage Your Cape Coral Estate
Life is full of many chances, but it does not give you a second chance to rectify serious estate planning mistakes. For instance, failing to take a comprehensive approach to estate planning or writing a mistake in your will can severely damage your Cape Coral estate. Accordingly, your trustees and beneficiaries will face a difficult probate battle.
Luckily, if you understand the common mistakes that other people have made in their estate planning, you can easily avoid repeating those mistakes and ensure that your loved ones benefit from your estate plan long after your death.
Below are the mistakes that can damage your Cape Coral estate and put the future of your loved ones at risk:
Failing to Update Your Will
Marriage, divorce, remarriage, birth, adoption, and death may affect those who will receive your assets. Ensure that you clearly list those whom you intend to inherit your assets. When any of these changes happen, you should adjust update all your insurance, retirement, and financial accounts and policies accordingly.
Even when none of these events occur, you should seek the help of an estate attorney to help you update your will and trusts periodically, say annually to ensure that your changing preferences are accommodated.
Failing to Plan Beyond Your Will
Most people assume that writing a will is the same as estate planning. Estate planning aims at maximizing the value of the assets you transfer to your beneficiaries when you are no more. Apart from writing and updating your will, you should ensure that your non-probate assets outside the will, such as jointly held accounts and life insurance policies are safe.
Trying to Disinherit Your Spouse
It is hard to disinherit your spouse unless:
- You have lived away from your spouse for more than one year
- You divorce your spouse and update your will accordingly
- He/she has signed a prenuptial or postnuptial agreement that waives rights to some assets or any of your estate
Any other attempt to disinherit your spouse may prove futile. By law, your spouse is entitled to either a third of your estate or $50,000, whichever is the greater sum
Failing to Plan for the Possibility of Disability
You may fail to plan for the possibility of suffering a disability as not everyone suffers a disability in their lives. However, it is important to include a trustee who can help you make decisions if you are involved in an accident or suffer an illness that prevents you from making rational decisions about your finances, health care, and family.
Getting Professional Help
You should note that each estate is unique; hence, there is no universal way to protect your Cape Coral estate. However, our experienced estate planning attorneys can help you avoid these mistakes and many more for a flawless transition. For more information about estate planning or to book a consultation, feel free to contact The Mattar Firm. Our Cape Coral estate planning attorneys are always ready to serve you.