The most common mistake that can be made when estate planning is the failure to keep your forms and documents up to date. As simple as it sounds, there are countless instances where people who did not have updated beneficiary forms inevitably ran into complications later in the process.
Without proper documentation, the money and property you saved for your loved ones may fall into the hands of ex-spouses, irresponsible or untrustworthy family members, or other unintended heirs. Besides having control over who gets your money and how much, designating a beneficiary also avoids probate in some circumstances. Updating your estate plan regularly, you can be certain your wishes will be carried out in your absence the way you want them to.
Here are some of the forms that you should update regularly: bank accounts beneficiary lists, retirement accounts, life insurance benefits, and so on. If a divorce, death, or any other life or relationship change occurs that will affect how you plan your estate, it is imperative you make those document changes immediately. Contact us today to speak with a Florida Estate Planning Attorney and ensure you are protected in all aspects of your estate planning.
Source: Estate Planning Digest