When you work with an estate planner, he or she will discuss how to ensure that your estate plan does not get tied up in your state’s probate system. Probate is the process where people have the option to contest a will, which can leave your beneficiaries waiting for months or even years to get the assets that you left to them in your will. Residents of Florida should educate themselves about how to keep their wills from being contested.
Include a no-contest clause
You can include a clause in your will that prohibits the document from being contested after your death. Sometimes referred to as an in terrorem clause, this passage says that anyone who files a contest against your will is automatically excluded from receiving anything. This typically causes people who may want to try to get more out of your estate from pursuing any legal action.
Don’t put off making your plan
Depending on the number of assets you intend to put in your estate plan, the process can be pretty lengthy. Many people wrongly assume that they should wait until they are elderly to put an estate plan in place, but waiting too long leaves the door open for things to get left out of your plan. Instead of waiting, put an estate plan together now and add to it in the future as needed.
Review the plan frequently
The estate plan you make today does not have to be the final draft. It is suggested that you review your estate plan on a regular basis to ensure that you don’t need to add or remove assets or beneficiaries. Having an updated plan minimizes the risk of your will being contested.
You should also employ the services of an attorney who is well-versed in trusts and wills when compiling your estate plan. This lawyer can review your assets and debts and help you use your estate plan to address them in a legal manner.