Debunking Seven Estate Planning Myths in Florida

You need an estate plan. Without one, you, your family, and your finances could be left vulnerable to a wide range of different risks. There are many misconceptions about estate planning. At Fisher & Wilsey, P.A., we want to make sure that Florida families have the knowledge that they need. Here, our St. Petersburg estate planning lawyer debunks seven of the most common myths.

Myth #1: “I Don’t Need a Full Estate Plan If I Have a Will”

False. A will is important, but it is not a complete estate plan. For most people, a will as a sole estate planning document is simply not sufficient. A full plan may also include a trust, powers of attorney, and health care directives.

Myth #2: “Estate Planning is Only About Money”

False. Money obviously matters, but it is by no means the only estate planning issue. Indeed, estate planning is about far more than dividing property. It also covers guardianship for children, health care decisions, and end-of-life care. A comprehensive plan addresses all of these common issues.

Myth #3: “I Am Too Young to Worry About Estate Planning”

False. As an adult, you have an estate planning. Accidents and illnesses can happen at any age. It is especially important if you have kids. A young parent should consider naming guardians and creating financial protections for children. Still, estate planning is for all ages, including people in their twenties and thirties.

Myth #4: “A Trust Is Only for the Wealthy”

False. Trusts are very powerful estate planning tools; and their benefits are not limited to high-net-worth families. They can help avoid probate, protect privacy, and manage assets for children or dependents. Trusts also provide a way to control when and how heirs receive property. In Florida, even modest estates can benefit from the flexibility of a revocable living trust. 

Myth #5: “If I Am Married, Everything Automatically Goes to My Spouse” 

False. Or at least it is false for some. Florida’s laws do provide protections for surviving spouses, but automatic transfers are not guaranteed. Blended families, children from prior marriages, or jointly owned property can complicate inheritance.

Myth #6: “Estate Planning Is a One-Time Project”

False. An estate plan is not static. Life changes and your estate plan should change along with it. Major events like marriage, divorce, children, new property, and even retirement may require an update to your estate plan. A St. Petersburg estate planning attorney can help. 

Myth #7: “Florida’s Homestead Exemption Protects My House From Everything” 

False. While Florida’s homestead exemption is extremely powerful, it does not provide complete protection against every risk. It protects a primary residence from most creditors, but there are exceptions. Mortgages, taxes, and certain liens can still be enforced. There are specific rules. 

Contact Our St. Petersburg, FL Estate Planning Lawyer Today

At Fisher & Wilsey, P.A., our St. Petersburg estate planning attorney has the knowledge, skills, and professional experience that you can trust. We are the go-to firm for personalized estate planning. Contact us today to set up your fully confidential, no obligation initial consultation. With an office in St. Petersburg, we handle estate planning matters in Pinellas County and all across the region.