Small Mistakes Cause Big Problems In Estate Planning In Florida
August 25, 2014
Details matter when it comes to many things in life. They also matter when it comes to death and estate planning implementation in Florida and elsewhere. Even small mistakes can result in serious consequences when it comes to estate administration. It can even cause intended beneficiaries to not receive their inheritance.
This is what happened with one woman who made a simple administrative mistake in her estate plan. She created a trust stating that all of the assets in her estate should be given to her children. The woman even had a prenuptial agreement signed with her new husband, which reiterated the fact that she wished all assets she owned before the marriage to be given to her daughter.
However, the woman had failed to change the beneficiary designations on her trust to reflect her wishes. Although a person may have a trust in place that outlines one’s wishes regarding estate administration, if the beneficiary designations are not correctly titled, this could result in one’s intended beneficiaries being disinherited by accident. This is exactly what happened to this woman’s case. Instead of her children receiving her assets, her new husband ended up receiving her entire estate.
Fortunately, this type of estate planning mistake can easily be avoided in Florida. Making sure to thoroughly inspect one’s current estate plan can help to catch many of these administrative mistakes. Also, understanding the applicable rules and regulations can also help to find these errors. Additionally, one should consistently update his or her estate plan in order to conform to changing circumstances.