Don’t Forget This In Your Will
Estate Planning can seem like a daunting endeavor. Many people wish to avoid it for as long as possible, while others may deal with estate documents once and then never look at them again. This makes it even more critical that no mistakes are made in the drafting process and that the terms can withstand the test of time. With family structures constantly evolving due to births, deaths, marriages, and divorces, as well as changes to assets over the course of one’s lifetime, it can be difficult to ensure that the terms of your last will and testament are still clear and applicable when you need them to be. In this article, we will cover some common pitfalls to look out for. The advice in this article is intended to be general. However, if you would prefer personalized information and feedback based on your specific case, you are welcome to contact the Law Offices of Larry E. Bray to schedule a consultation.
What People Forget in Their Wills
It can be hard to make a will ironclad, but by working with an experienced Florida estates lawyer you can avoid these common pitfalls and ensure that your last wishes are honored.
- Alternate Beneficiaries. A lot can happen over the course of a lifetime, and it’s hard to predict what the circumstances will be at the time of your own passing. In some cases, the beneficiary that you selected will not be eligible to be vested at the time of your death. For instance, they may be a minor or incompetent, which could prevent them from inheriting. When this happens, it can be a very complicated process in probate court to determine an appropriate beneficiary. By selecting alternates, you can ensure that your intentions are still honored, regardless of the circumstances.
- Plans for your Pet. If you have a beloved pet, you likely want to ensure that they will be cared for even after you are not around anymore. By naming a caregiver in your will, you can arrange for their care. It is also a good idea to name at least 1 – 2 alternate caretakers in case the initial designee is unable to accept the responsibilities or is no longer alive.
- Personal Property Memorandums. Often, when it comes to estate planning we are focused on our biggest assets. However, you may be surprised to learn that some of the biggest and most contentious arguments among family members are over the lowest value, but highest sentiment items. Personal property memorandums allow you to specify who should receive personal property items, such as books, quilts, art, or pocket watches.
- Guardians for Minor Children. If you have minor children, it’s important to keep information on who should serve as their guardian up to date and in your will.
Schedule a Consultation with a Florida Estates Attorney
If you are considering a will or are in need of estate planning assistance, the Law Offices of Larry E. Bray are ready to help. Contact West Palm Beach estate planning lawyer Larry E. Bray today to schedule a consultation.