Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

Examining some of the most common estate planning mistakes

Last week, our blog discussed how much of the world was not only shocked by the sudden passing of Prince, but also by his failure to have executed even a simple will. Indeed, his estimated $300 million estate is currently at the center of a brewing legal battle among his sister and five half-siblings.

While it is admittedly astounding that Prince neglected to take this step, statistics show that he's far from an anomaly. Indeed, it's estimated that as many as two-thirds of all U.S. adults have no simple will in place, meaning the laws of their respective states will determine the fate of their assets. 

Interestingly enough, experts have indicated that the failure to execute a simple will is only one of the four most common estate planning errors.

Neglecting to plan for your incapacity

The mistake that people make here, say experts, is that they mistakenly believe that estate planning only really has to do with planning for death. The reality, however, is much more complex, as they also need to plan for the unfortunate possibility of being left incapacitated by the onset of an illness or a sudden accident.

The documents in question that people are failing to execute are an advance health care directive, which is comprised of a health care surrogate designation and living will, and a durable power of attorney.

To recap, these three documents accomplish the following:

  • Living will: Outline the type of medical care you want provided, withdrawn or withheld in the event of your incapacity
  • Health care surrogate designation: Appoint a trusted loved one to make medical decisions on your behalf in the event of your incapacity
  • Durable power of attorney: Appoint a trusted loved one to make financial decisions on your behalf in the event of your incapacity

We'll examine the remaining two estate planning mistakes that people are most likely to make in our next post.

Consider speaking with an experienced legal professional if you would like to learn more creating a comprehensive estate plan.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
Read More...
  • NYSBA
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Aventura, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions