In Palm Beach County and throughout Florida, families often turn to financial advisors for guidance on retirement, investments, and even estate planning. While financial advisors play an essential role, relying solely on them for your estate plan can lead to expensive and avoidable mistakes—especially when significant assets, blended families, or minor children are involved.

At Welch Law, PLLC, we regularly work with high-net-worth families in Jupiter, Palm Beach Gardens, and beyond to correct these oversights before it’s too late.

Mistake #1: Over-Reliance on Beneficiary Designations

Yes, designating beneficiaries on IRAs, 401(k)s, and life insurance policies allows those assets to bypass probate. But that’s where the simplicity ends. These forms don’t coordinate with your will or trust and are often outdated—especially after divorce, remarriage, or the birth of a new child.

📌 Florida Case Example: A client left a $1M life insurance policy to an ex-spouse because the beneficiary form was never updated—even though his will clearly stated his current wife should receive everything.

Without proper coordination between beneficiary designations and estate planning documents, your assets may go to the wrong people.

Mistake #2: Ignoring the Power of Trusts

Many advisors hesitate to suggest trusts because they fall outside their scope of service. But here in Florida—where homestead laws, creditor risks, and complex family dynamics are common—trusts are often the best tool for control, protection, and efficiency.

Trusts can:

• Shield assets from lawsuits and divorces

• Delay or restrict distributions to young or irresponsible heirs

• Provide for children from prior marriages

• Protect loved ones with special needs

• Prevent assets from becoming part of the probate estate

If your advisor hasn’t mentioned using a revocable or irrevocable trust, it’s time to speak with an estate planning attorney who will.

Mistake #3: Prioritizing Tax Avoidance Over Family Protection

While minimizing taxes is important, it should never come at the expense of clarity or control. A “tax-smart” plan that lacks a durable power of attorney, health care surrogate designation, or guardian appointments for minor children is dangerously incomplete.

True estate planning in Florida means:

• Naming trusted people to make decisions if you’re incapacitated

• Preparing for long-term care costs and Medicaid planning

• Ensuring your estate avoids probate court delays

• Avoiding family disputes by putting everything in writing

Financial advisors focus on numbers. Attorneys focus on what happens if you can’t speak for yourself.

Mistake #4: No Plan for Incapacity

If you become incapacitated—even temporarily—your investment accounts could be frozen. Your spouse or children could be forced to go through Florida’s guardianship court to access your finances or make healthcare decisions.

That’s why every estate plan must include:

• A Durable Power of Attorney

• A Designation of Health Care Surrogate

• A Living Will

Most advisors are not legally authorized to create or enforce these documents. But without them, your wealth—and your family—are at serious risk.

The Welch Law Approach: Advisor Collaboration Done Right

At Welch Law, PLLC, we don’t replace your financial advisor—we work alongside them. We combine their knowledge of your assets and financial goals with our legal strategies to protect and transfer wealth in the most effective way possible.

Our clients include:

• Business owners

• Physicians and professionals

• Affluent retirees

• Snowbirds with property in multiple states

• Families with complex or blended relationships

We understand Florida law, Florida families, and Florida values. Most importantly—we know how to draft your legacy.

Let’s Build a Stronger Estate Plan Together

By: Edward J. Welch, Esq. ||| Estate Planning | Wills | Trusts | Asset Protection

If you would like to discuss your legacy options with an estate planning attorney in Jupiter or Palm Beach Gardens, Florida, schedule a complimentary call with Edward J. Welch at Welch Law, PLLC. At Welch Law, WE WANT TO DRAFT YOUR LEGACY!

Reference: U.S. News & World Report (Sept. 10, 2021) "5 Estate Planning Mistakes Financial Advisors Make"