In Florida and across the country, there is a lot of misguided information circulating regarding a particular legal process. It is important to understand these issues to make informed decisions in life. The estate planning process can be basic or complex.
Either way, it is helpful to know how to tell fact from fiction. Being well-informed and staying updated on probate laws can help maximize asset protection and avoid legal problems. It is always best to consult someone who has experience navigating the probate process.
Estate planning myths that lead to confusion
The following list includes four estate planning myths that cause a lot of confusion and misinformation among the populace:
- Estate planning is only for older or wealthy people.
- Dying without a will means the state gets all assets.
- Estate planning is a once-and-done process.
- Nuncupative and holographic wills are always valid.
The myth regarding estate planning as a once-and-done process can cause serious legal complications. Many issues create a need to amend or update an estate plan. For example, births in the family, marriages, divorce, deaths and more. Therefore, it’s always best to conduct periodic reviews of an existing plan to ensure that it is current.
Florida does not recognize nuncupative or holographic wills
Every state has its laws and guidelines regarding estate planning. While some states recognize hand-written (holographic) or verbal (nuncupative) wills, Florida does not. This is why it is important to clarify state laws before executing an estate plan. Otherwise, a person risks signing a will that will later be determined invalid. It is best to seek guidance from an estate law attorney. Such an attorney can also remain available to periodically review a plan and make recommendations for changes or updates.