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Home >> Estate Planning Attorneys Point Out Top 5 Estate Planning Mistakes

Estate Planning Attorneys Point Out Top 5 Estate Planning Mistakes

February 26, 2018 by Robert Kulas.

estate planning attorneysFor the average person, estate planning is somewhat intimidating. This should be easy enough to understand. After all, estate planning requires you to contemplate your own death for starters. In addition, the components of an estate plan are not things the average person deals with on a daily basis. All of this put together makes it fairly common for people to make mistakes when estate planning. To help you avoid making a mistake, the estate planning attorneys at Kulas & Crawford point out the top five estate planning mistakes so that you can avoid making them!

  1. Failing to get started. By far, the most common mistake people make when it comes to estate planning is not planning or waiting too long to get started. Along with feeling intimidated by the entire concept of estate planning, the other common reasons people fail to get started with an estate plan is that they believe they need to have a valuable estate first and/or need to reach a magic place in their life, such as marriage or parenthood. The truth though is that every adult can benefit from having at least a basic plan in place. Conversely, every adult can be at a distinct disadvantage by not having a plan in place in the event of an untimely accident or illness.
  2. Overlooking the possibility of incapacity. While the primary focus of your estate plan may be the distribution of your estate in the event of your death, a comprehensive estate plan should also plan for the possibility of your own incapacity. If you were to become incapacitated tomorrow as the result of a debilitating illness or tragic accident, who would take over control of your assets? Who would make personal and healthcare decisions for you? Unless you include incapacity planning in your estate plan, a judge may be making those decisions for you.
  3. Appointing the wrong fiduciaries. People frequently name a spouse, best friend, or family member to be the Executor of their estate and/or the Trustee of a trust based solely on the fact they trust the individual. While you certainly do need to trust your Executor and Trustee, it is also important to appoint someone who is actually suited to the position. The Executor of your estate will need to devote a decent amount of time to probating your estate during a time when he/she is also grieving your loss. A Trustee will need at least a basic understanding of applicable laws and financial strategies that are necessary to successfully administer the trust. Before appointing your Executor and/or Trustee, make sure you understand what the position entails and then choose the best person for the job.
  4. Going the DIY route in an effort to save time and money. Given the ease with which legal documents can be found online, it can be tempting to use them in an attempt to save both time and money. When it comes to estate planning, however, money you may save using DIY documents now will likely cost your loved considerably more when it comes time to actually use those documents. DIY Wills, trusts, and other estate planning documents are frequently riddled with mistakes and errors that lead to costly litigation. Instead of putting your loved ones through that, work with an experienced estate planning attorney when you create your estate plan.
  5. Missing the “big picture.” Estate planning, when done correctly, accomplishes much more than just deciding what happens to your assets when you are gone. An estate plan should be comprehensive in nature, incorporating a number of inter-related goals and objectives into the plan, such as probate avoidance, Medicaid planning, and strategies for parents with minor children. In addition, your estate plan is not something you create and then forget about. On the contrary, estate planning is a lifelong project. Developing a good working relationship with your estate planning attorney is an important aspect of creating a successful estate plan as you will need to review and revise that plan often over the course of your life.

Contact Estate Planning Attorneys

For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns regarding estate planning,  contact an experienced Florida estate planning lawyer at Kulas & Crawford by calling (772) 398-0720 to schedule an appointment.

Filed Under: Estate Planning

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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~Mildred W
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August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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~Leo C
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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~Krissy L
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August 25, 2020
    

Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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~Janice M
Client Review
August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

default image
Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

default image
Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

default image
Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

default image
Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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