Understanding Estate Planning Misconceptions

Estate planning can feel overwhelming at first, which is exactly why so many myths stick around. People often misunderstand how trusts work, what estate planning actually covers, and the “right” way to handle disinheritance. The problem is that these misconceptions can lead to expensive mistakes, unnecessary stress, and plans that don’t truly reflect your intentions.

 

Below are three common estate planning myths—plus the truth behind them—so you can make decisions with more clarity and confidence. (This is especially important in Florida, where the details of probate, estate administration, and related filings can matter a lot.)

Myth: “Just Setting Up a Trust Protects Everything”

A common belief is that once you sign a trust document, your assets are automatically protected from probate or other issues. Unfortunately, a trust doesn’t do much on paper alone.

For a trust to work the way you want, it needs to be properly funded. That means you must actually move assets into the trust by changing titles or beneficiary designations where appropriate. If you create a trust but leave your home, bank accounts, or investment accounts in your individual name, those assets may still be subject to probate and may not follow the trust instructions the way you intended.

Think of a trust like a secure container: it can only protect what you place inside it. An unfunded trust can end up being an expensive binder on a shelf—while your family still faces avoidable complications later.

This is one reason many people work with an experienced St. Petersburg estate planning attorney or Largo estate planning lawyer: the documents matter, but the real results often come from correct funding and follow-through.

Myth: “Estate Planning Only Matters After You’re Gone”

Another widespread misunderstanding is that estate planning is only about who inherits what after death. That’s a big piece of the puzzle—but it’s not the whole picture.

A strong estate plan also protects you during your lifetime. If you become ill or unable to make decisions, estate planning can help your loved ones avoid confusion, conflict, or the need for emergency court involvement.

Lifetime planning often includes tools like:

• Advance directives(to express your medical wishes)

• Health care decision-making documents and permissions for loved ones to speak with providers

• Financial planning documents that allow someone you trust to manage bills and accounts if needed

Without these, families sometimes end up in guardianship proceedings during a crisis—something many people want to avoid if they can plan ahead.

Myth: “Leaving Someone $1 Is the Best Way to Disinherit Them”

You may have heard the old advice: “If you want to disinherit someone, leave them $1 so they can’t contest it.” In modern estate planning, this is usually not the best approach—and it can create unintended consequences.

When you name someone in your will (even for a token amount), you may be giving them formal standing as a beneficiary. That can mean more notice rights, more involvement, and in some cases, more opportunity for disputes. The strategy that’s often cleaner is to use clear, direct language that you are intentionally leaving the person out of the plan.

If disinheritance is on your mind, it’s worth getting guidance before you finalize your wills or trusts —because small wording choices can make a big difference in how enforceable and private your plan is.

Putting It All Together: Estate Planning Requires Careful, Ongoing Attention

Estate planning isn’t a one-and-done task. It’s an ongoing process that benefits from periodic updates—especially after major life changes like marriage, divorce, a move, a new child, or a significant change in assets.

Common pitfalls include:

• Creating a trust but never funding it

• Relying on outdated strategies

• Overlooking key lifetime documents like advance directives

• Not coordinating your plan with future probate or estate administration realities

And in Florida, planning can sometimes involve additional layers like ancillary probate(when property is owned in more than one state) or asset recovery for forgotten funds and unclaimed property.

Need help sorting out your plan?

If you’re ready to build (or refresh) an estate plan that actually works in real life, working with an experienced Florida probate lawyer who also handles estate planning, guardianship, probate, and estate administration can make the process far less stressful.

De Paz Law helps Florida families with wills, trusts, advance directives, and probate-related matters—including ancillary probate and asset recovery/unclaimed property —with offices serving St. Petersburg and Largo. If you’d like to talk through your goals and options, reach out to schedule a consultation.