Common Estate Planning Mistakes to Avoid in Key West, FL

Estate planning mistakes rarely show up while you are alive. They surface later, when your family is sitting in a Monroe County courtroom trying to untangle what you left behind. The good news is that the most common errors are easy to avoid once you know what to watch for. Here are the ones we see most often among Key West families.

Mistake 1: Not Having a Plan at All

If you die without a will, Florida’s intestacy statutes decide who inherits, and the result may surprise you. Stepchildren you raised may get nothing, while distant relatives may inherit. Worse, the court, not you, decides who manages your estate and who raises your minor children. Doing nothing is itself a choice, and usually not a good one.

Mistake 2: A Will That Was Not Signed Correctly

Florida Statute 732.502 requires two witnesses who sign in your presence and in the presence of each other. Homemade or out-of-state wills frequently miss this. A will that is not properly executed can be thrown out entirely, sending your estate into intestacy as if you never wrote it.

Mistake 3: Forgetting Beneficiary Designations

Your will does not control your life insurance, retirement accounts, or payable-on-death accounts. Those go to whoever is named on the account. We regularly see ex-spouses still listed years after a divorce. Florida law removes an ex-spouse from some designations automatically, but not all, so never rely on the default.

Mistake 4: Misunderstanding Florida Homestead

Your Key West home is protected under Article X, Section 4 of the Florida Constitution, but that protection comes with strings. If you have a spouse or minor child, you cannot freely leave the homestead to anyone you choose. Trying to do so can trigger confusing rules that override your will. Many owners use a Lady Bird deed to pass the home cleanly, but only when it fits their family situation.

Mistake 5: Funding a Trust Improperly

A revocable living trust (Florida Chapter 736) only avoids probate for the assets actually transferred into it. Signing the trust and then never retitling your house or accounts is one of the most common and costly errors. An unfunded trust is an empty box.

Mistake 6: Naming the Wrong People

Choosing a personal representative or power-of-attorney agent based on age or birth order, rather than trustworthiness and ability, causes real problems. Florida also restricts who can serve as a personal representative, generally a Florida resident or a close relative. Picking someone who is not eligible can stall your estate.

Mistake 7: Letting the Plan Go Stale

Marriage, divorce, a new child, a new property, or a move can all break an old plan. Review yours every few years. And remember to store documents where salt air and hurricane season cannot destroy them.

The Tax Misconception

Some islanders worry about a Florida death tax. There is none. Florida has no state estate or inheritance tax. The real risks are probate delays, family disputes, and invalid documents, all of which planning can prevent.

This article offers general information about Florida law, not legal advice. Because small mistakes can have large consequences, consult a licensed Florida estate planning attorney about your specific situation.