At least 10 states have been investigated about whether some of the country's largest insurers are failing to pay out unclaimed life policies to beneficiaries.
Mistakes to Avoid in Your Florida Estate Planning
Among the most common estate planning mistakes are:
- Procrastination - let's face it – we are not going to live forever. It is best that you get your affairs in order now while you are capable. If you procrastinate, there may be mass confusion upon your demise and you won't be around to provide answers.
- Creating only a will - a proper estate should include much more than a will, based on your individual circumstances. You should also consider a revocable trust, letter of instruction, durable financial power of attorney form, proof of ownership documentation, copies of your life insurance policy, and a list of your retirement accounts.
- Jointly holding assets with children - although this will give your children easy access to an account and allow them to avoid probate, they could face hefty tax consequences.
- Leaving assets to someone other than the intended individual - if you want to leave assets to your dependent mother, for example, you should not leave them to someone else with the "understanding" that they will eventually go to your mother.
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