7 Estate Planning Tips Every Floridian Needs Today

Estate planning is a crucial aspect of financial and personal preparedness that ensures your wishes are honored and your loved ones are taken care of both during life and after you pass. Whether you are starting your Florida estate plan or revisiting an existing one, it is essential to align your documents with Florida’s specific laws and regulations. 

Estate planning is not just about drafting a last will and testament; instead it encompasses various legal tools and strategies to manage your assets, healthcare decisions, and more. For Floridians, there are unique considerations to keep in mind to ensure your estate plan is both effective and compliant with state laws. Proper estate planning with your experienced Florida estate planning attorney can help you avoid unnecessary legal complications, reduce taxes, and provide clear instructions to your family during difficult times. Let us share seven essential estate planning tips every Floridian should consider to protect their assets and provide peace of mind for themselves and their loved ones right here on our blog.

1. Have a current Florida estate plan. It is vital to ensure your estate plan is up-to-date and reflects your current wishes and circumstances. This includes regularly reviewing and updating your will, trusts, powers of attorney, and other legal documents. Life changes such as marriage, divorce, the birth of children, or significant financial shifts necessitate revisiting your estate plan to ensure it still aligns with your goals.
2. Make sure your agents under your power of attorney are correct. The individuals you designate as your agents under a power of attorney hold significant responsibility. You want to not only ensure these agents are trustworthy but capable and willing to act on your behalf. Regularly confirm that the chosen agents are still appropriate and willing to take on this role, as circumstances and relationships can change over time.
3. Ensure that your power of attorney is durable. A Florida durable power of attorney remains effective even if you become incapacitated. This is crucial for maintaining financial and legal continuity if you are unable to make decisions yourself. Verify that your power of attorney document explicitly states its durability to avoid potential complications during critical times.
4. Make sure you have Florida documents and not out-of-state documents. In most situations, estate planning documents must comply with Florida laws to be valid and it will be more complicated to enforce an out of state document. If you have recently moved to Florida or have documents drafted in another state, it is essential to have them reviewed and updated by a Florida estate planning attorney who can make recommendations on the changes you need. This ensures that your estate plan adheres to state-specific requirements and protections.
5. Understand that a last will and testament will not avoid probate. While a will can be an important component of an estate plan, it does not prevent your estate from going through probate. In Florida, probate can be a lengthy, public, and costly process. You may want to consider establishing a trust agreement with your estate planning attorney to manage and distribute your assets, which can help avoid probate and maintain privacy.
6. Watch out and make sure your trust is funded if you have one. Creating a trust is only the first step; ensuring it is properly funded is equally important. This means transferring ownership of your assets into the trust under the instruction and guidance of your estate planning attorney. Regularly review your trust to confirm all intended assets are included, and make any necessary updates to keep it fully funded and effective.
7. Review and update beneficiary designations. Beneficiary designations on accounts such as life insurance policies, retirement plans, and payable-on-death accounts can supersede the instructions in your estate plan. Regularly review and update these designations to reflect your current intentions and avoid conflicts or unintended distributions.

While this article might ignite more questions, it serves as a stepping stone towards understanding the nuanced world of power of attorney in Florida. When your family or financial health is on the line, trust attorney Paul Riffel to help you protect your interests and achieve your goals. Attorney Paul Riffel has been practicing law in Florida for over 41 years, focusing in the areas of Tampa estate planning and  family law. We encourage you to contact us and schedule a meeting with us.