4 Common Mistakes to Avoid When Drafting a Boca Raton Will
Drafting a will is one of the most important documents you will create in your lifetime. You need to get it right, or it could create headaches for your loved ones when you die. By properly planning and drafting your will, you can make sure it will hold up during a Florida probate administration and reduce the risk of problems for your family. Unfortunately, mistakes are common in estate planning, especially when it comes to drafting a will. Retaining an experienced Boca Raton estate planning attorney can eliminate these problems altogether.
At the Law Offices of Larry E. Bray, P.A., we have years of experience helping Boca Raton clients with all their estate planning needs. Drafting wills is something we do regularly. Our goal is to get you a comprehensive estate plan in place, so you and your assets are fully protected. When it comes to creating a will, these are the most common mistakes we see.
Drafting a Will Yourself
One of the biggest mistakes you can make with estate planning is doing it yourself. There are lots of DIY templates and sites that promote doing it yourself rather than hire legal counsel. While it may sound appealing now, it could create significant headaches later on in life. If you create the will on your own and there’s an error, the entire will is technically invalid based on Florida law. Common problems with DIY wills include omissions, unclear language, typographical mistakes, and more.
Leaving Everything in Your Will
Consider the type of things you want to leave behind to your heirs and beneficiaries. Leaving everything in a will is not always the best option. In some cases, you could give financial gifts while you are alive that would provide tax benefits to both you and the recipient. Also, some items don’t belong in your will — life insurance policies, retirement plans, and jointly-held property are a few.
Leaving Assets Out of Your Will
Just as you don’t have to leave everything in your will, some people make the mistake of leaving too much out. You want to make sure vital assets are included. Failure to include an asset that should go through probate means your family also has to go through an intestate probate administration. Intestate succession is the term for how an estate is distributed when there is no will. Any property that falls under intestate succession laws could be distributed in a very different manner than you would’ve left these assets had they been included in your will.
Not Updating Your Will
Another common mistake is not updating your will after creating it. Your estate plan isn’t something you do once and forget about. You need to make regular checks of your will and consider revisions when necessary. Significant life events like marriage, divorce, having children, business ownership, etc., can all dictate the need for changes in your will at some point.
Contact a Boca Raton Estate Planning Attorney
There are many other types of mistakes that can happen when drafting your will. To learn more about how a Boca Raton estate planning attorney can help you, contact the Law Offices of Larry E. Bray, P.A. today to schedule an initial consultation.