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

Common misconceptions about estate planning

Some Florida residents may delay estate planning because they do not want to think about death. Others may do so because they think they have too few assets to make a will worthwhile. However, even people whose only holdings are a small bank account and a home probably have a preference about who they want those assets to go to. For those who genuinely have no assets, a will can still serve other purposes. It can appoint a guardian for any minor children. A will can also be used to specify funeral plans.

Another common error people make is thinking they do not need to update the estate plan because there have been no major changes in their family. However, this does not mean that applicable laws have stayed the same. For example, the estate tax exemption in 1999 was $650,000. In 2019, it is over $11 million. Strategies to shield an estate from taxes may no longer be necessary. An executor might also need to be replaced with someone younger who is likely to live longer.

Some people may think having a will makes updating beneficiary designations unnecessary. However, assets that require a beneficiary designation are not governed by a will. Furthermore, beneficiary designations override instructions in wills.

Making plans in case of becoming incapacitated is another reason people may need to create or revise an estate plan even if they have few assets. A health care power of attorney appoints someone to make medical decisions for a person in the event of incapacity. A financial power of attorney appoints someone to handle the person's finances in the same situation. These do not need to be the same person and may actually require different skills although in both cases, it should be someone who can manage family conflict effectively.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • 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
Miami, FL 33180

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