A solid estate plan could ensure that your beneficiaries are taken care of after you pass away and that your final wishes are adhered to.
The right attorney will work with you to address any potential problems with your estate plan. By addressing them upfront, your legal counsel could ensure these issues do not haunt your beneficiaries at the end of your life. Let our skilled estate planning attorney, Marc Brown, P.A., advise you on potential issues with estate planning in Fort Lauderdale.
Estate Tax Miscalculations
One of the important purposes of planning your estate is avoiding tax consequences for your heirs after you pass away. If an estate plan is inadequate, it could result in issues with the estate tax as well as gift taxes. Therefore, it is imperative that you take the opportunity to reduce future tax liabilities while estate planning.
Experienced legal counsel in Fort Lauderdale can assist you with the tax liability issues that can arise during the estate planning process. An attorney can ensure that transfers of assets or the use of revocable trusts do not bring about potential tax problems.
Outdated Beneficiaries in Your Estate Plan
Not every aspect of an estate plan is designed to last forever. Certain parts of an estate plan require updating and review every so often. It is particularly important to ensure that the beneficiaries named in your estate plan are kept up to date.
Outdated beneficiaries can pose several problems. For example, if you have gone through a divorce, you likely would not want your former spouse to inherit your assets. Likewise, changing circumstances could require a change of beneficiaries for tax purposes. It is helpful to review the beneficiaries of your estate plan with a knowledgeable lawyer in Fort Lauderdale on a regular basis, as well as after major life events like marriages or divorces to avoid issues like outdated beneficiaries.
No Residuary Clause
An avoidable mistake that could leave the beneficiaries of your estate with a major headache is the lack of a residuary clause. This clause dictates how remaining property will be distributed after the designations in the will are met. Typically, a last will and testament will outline what property is distributed to which heir. The risk of listing out all these assets is that some property of the estate could fall through the cracks. A dedicated lawyer in Fort Lauderdale can ensure this clause is in your estate plan, so your heirs do not run into unnecessary problems.
Lack of Guardianship Designation
It is not uncommon for individuals making an estate plan to leave assets to minor children. That said, leaving assets in the name of a minor child is only one part of the process. Issues can arise if the estate plan does not spell out how the assets should be used, but a compassionate attorney can help you select a guardian for your children and the assets you are leaving to them.
One of the ways your estate plan could ensure these assets will be available to the minor child for years to come is by appointing a guardian. Guardianship provides a minor with an attorney that will help oversee those assets on behalf of the child.
Talk to an Attorney about Problems with Estate Planning in Fort Lauderdale
With so many potential issues with estate planning in Fort Lauderdale, it is imperative that you seek guidance from an experienced attorney. A mistake during this process could have steep repercussions for your loved ones in the future. Reach out to Marc Brown, P.A. our attorney right away.