5 Common Estate Planning Mistakes and How to Avoid Them

Estate planning is one of the most important things you can do for your family, yet many people make avoidable mistakes that can undermine their intentions. Here are five common estate planning mistakes we see — and how to avoid them.

1. Not Having an Estate Plan at All — The most common mistake is simply not having a plan. Without one, Florida intestacy laws determine who inherits your assets, which may not reflect your wishes at all. Every adult should have, at minimum, a will, durable power of attorney, and healthcare surrogate designation.

2. Failing to Update Your Plan — Life changes. Marriage, divorce, births, deaths, moves to a new state, and changes in assets all warrant a review of your estate plan. We recommend reviewing your plan every three to five years or after any major life event.

3. Not Funding Your Trust — Creating a revocable living trust is only the first step. If you don't transfer assets into the trust (known as 'funding'), those assets may still go through probate. We help ensure your trust is properly funded after creation.

4. Overlooking Digital Assets — In today's world, your digital life — email accounts, social media, online banking, cryptocurrency — needs to be part of your estate plan. Without proper provisions, your family may be unable to access important accounts.

5. DIY Estate Planning — While online templates exist, estate planning involves complex legal and tax considerations that vary by state. A mistake in your documents could be costly for your family to fix — if it can be fixed at all. Working with an experienced attorney ensures your plan is legally sound and tailored to your specific situation.

At Zacharia Frey PLLC, we help families in Southwest Florida avoid these and other estate planning pitfalls. Contact us to schedule a consultation and ensure your plan properly protects your family.