The Florida Estate Planning Checklist: 7 Things Every Adult Should Have in Place
Estate planning is easy to put off. Many people assume it is something they only need to think about after retirement, after buying a certain amount of property, or once they have children. In reality, a good estate plan is just as much about protecting you during your lifetime as it is about deciding what happens after your death.
For Florida residents, here are seven important items to consider putting in place.
1. A Valid Florida Will
A will allows you to state who should receive property that passes through your estate, name a personal representative to administer your estate, and, if you have minor children, nominate a guardian. Without a valid will, Florida law determines how probate assets are distributed.
Florida has specific requirements for properly executing a will, so relying on an unsigned draft, handwritten notes, or an old document from another state can create unnecessary problems for your family.
2. A Durable Power of Attorney
Who would handle your financial affairs if an accident, illness, or cognitive decline left you unable to do so?
A durable power of attorney allows you to authorize someone you trust to handle specified financial and legal matters on your behalf. Under current Florida law, a power of attorney is generally exercisable when it is executed, rather than becoming effective only after a future incapacity.
Choosing the right agent—and clearly defining that person's authority—is an important part of the planning process.
3. A Health Care Surrogate Designation
Financial decisions are only part of incapacity planning. A Florida designation of health care surrogate lets you select a trusted person to make health care decisions for you, receive health information on your behalf, or both, depending on how the document is written.
It is worth discussing your wishes with the person you select so that he or she understands your values before a difficult medical decision ever arises.
4. A Living Will
A living will addresses a different question: What types of life-prolonging medical treatment would you want—or not want—under certain serious medical circumstances if you could no longer communicate your wishes?
Putting those instructions in writing can give your family and medical providers valuable guidance and may reduce the burden on loved ones during an already difficult time. Florida law specifically recognizes living wills as part of advance health care planning.
5. Up-to-Date Beneficiary Designations
Your will does not necessarily control every asset you own. Life insurance policies, retirement accounts, annuities, and some bank or investment accounts may pass directly to a named beneficiary rather than through your will.
That means beneficiary designations should be reviewed periodically, particularly after marriage, divorce, the birth of a child, a death in the family, or another major life change. An outdated beneficiary form can undermine an otherwise carefully prepared estate plan.
6. A Plan for How Your Assets Are Titled
How property is owned can affect how it passes after death. Jointly owned property with rights of survivorship, beneficiary-designated accounts, trust-owned assets, and individually owned property may all be handled differently.
Florida homestead property also comes with special legal considerations. Before changing ownership of real estate or moving property into a trust, it is important to understand the potential consequences.
7. A Decision About Whether a Revocable Trust Makes Sense
Not everyone needs a revocable living trust, but everyone should at least understand whether one would benefit their particular situation.
A properly created and funded revocable trust can provide for management of trust assets during incapacity and may allow those assets to pass without probate. The important word is “funded.” Creating a trust document alone does not move assets into the trust; ownership and beneficiary arrangements generally need to be coordinated with the overall plan.
Estate Planning Is Not “One and Done”
The best estate plan is one that reflects your current life. Marriage, divorce, children, grandchildren, relocation, retirement, business ownership, real estate purchases, and changes in financial circumstances are all good reasons to review your documents.
Even if you already have an estate plan, consider reviewing it every few years to make sure your documents, beneficiary designations, and decision-makers still reflect your wishes.
At McCrory Law Firm, we help Florida individuals and families understand their estate planning options and put practical plans in place for the people and property that matter most. If it has been several years since you reviewed your plan—or if you have never created one—now may be a good time to start the conversation.
This article is for general informational purposes only and is not intended as legal advice.
