The realization that death is inevitable has given many Florida residents the motivation to begin planning their estate in the hopes that they will achieve the strongest asset protection possible. The earlier the planning begins the better. This gives time for the plan to change, and edits are much easier than recreating the whole.

But even with early planning, mistakes can be made. Take, for example, the mistakes made by many celebrities in estate planning.

Michael Jackson, while making a wise decision in selecting executors who were unbiased, left the potential for confusion when he named his mother as the guardian of his children. If something happens to her, famous singer Diana Ross is the next in line. If his children are not adults by the time his mother dies, they may have to move in with Ross and adjust to a completely different lifestyle. Experts suggest selecting someone who is willing and able to care for children until they are adults rather than someone who is older, potentially making them incapable of raising kids in the future.

Other mistakes made by celebrities include not having financial accounts in a centralized location and letting an estate be subjected to estate taxes.

If an estate is spread out rather than in a solid location, an executor may have a hard time finding assets that have been bequeathed in a will; or the executor may find belongings that were long forgotten about when surveying the estate, which could create a feud between loved ones as to who gets the rediscovered asset.

Even celebrities, despite the vast amounts of wealth they often possess, may make the mistake of improper tax planning. By implementing trusts and taking advantage of tax-free gifts, an individual can minimize the value of his or her estate, thus decreasing the amount of estate tax which may hit it.

Source: U.S. News & World Report, "6 Celebrity Estate Planning Errors-And Tips," Kimberly Palmer, Dec. 6, 2011