Five Myths About Tampa Estate Planning That Could Put Your Family At Risk
Estate planning is the process of organizing your financial affairs so that you, your property and assets, and the people you care about most are provided for and protected. Common misconceptions cause many to delay or altogether avoid estate planning in Tampa.
Unfortunately, this can jeopardize your rights and well-being while leaving your loved ones vulnerable to unnecessary legal battles, financial hardships, and emotional stress. Our Tampa estate planning lawyer represents clients in these types of cases and debunks myths that could put your family at risk.
Myth Number One: “I’m Too Young for an Estate Plan.”
Some believe estate planning is only for older, wealthy adults. Nothing could be further from the truth. Unexpected events can happen to anyone. Having a Tampa estate plan helps ensure your wishes are followed, assets are protected, and your family is not left navigating legal challenges.
Myth Number Two: “A Will Is All I Need.”
A will acts as a foundation for estate planning. It conveys your wishes, serves as a guide through Hillsborough County Probate Court proceedings, designates beneficiaries, and determines how assets are distributed. However, there are ways our Tampa estate planning law can help you avoid probate completely, such as through a trust, payable-on-death designations on accounts, and joint property ownership.
Myth Number Three: “My Family Knows My Wishes, So I Don’t Need Legal Documents.”
Your family may be aware of your wishes, but without the proper legal documents, decisions regarding medical care and management of your property and assets are subject to Florida’s default laws. This can lead to disputes, unnecessary legal fees, and outcomes that may not align with your intentions.
Myth Number Four: “Estate Planning Deals Only With End-of-Life Issues.”
Estate planning in Tampa involves more than just determining how assets are distributed after someone’s death. Powers of attorney, advanced healthcare directives, and other important documents protect you when unexpected illnesses or injuries happen, conveying your wishes and authorizing someone you trust to act on your behalf in making important decisions.
Myth Number Five: “Once My Estate Plan Is Done, I Never Have to Update It.”
An estate plan is not a one-time task. Estate planning documents in Tampa need to be reviewed and updated regularly to reflect major life events, such as increases in assets and marriages, divorces, births, and deaths. Without the necessary updates, your estate plan may no longer reflect your current wishes or conform to legal requirements.
To Protect Your Family, Contact Our Experienced Tampa Estate Planning Lawyer Today
Myths and misconceptions can cause you to delay creating an estate plan in Tampa. Unfortunately, this could put you, your property and assets, and your family at risk.
At Bubley & Bubley, P.A., we provide trusted legal help and customized estate planning solutions that are tailored to your unique needs. To protect yourself and your loved ones, call or contact us online. Request a consultation with an experienced Tampa estate planning attorney today.
Sources:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Index&Title_Request=XLII
hillsclerk.com/court-services/probate-guardianship-and-trust
