What Is Estate Planning? A Florida Guide for Families
Estate planning is the process of deciding how your property, finances, and personal affairs should be handled. These decisions apply during your lifetime and after your death. A well-designed estate plan can help protect your family, make your wishes known, and make things easier for the people you leave behind.
Many people think estate planning is only for wealthy families or older adults. In reality, almost every adult can benefit from having an estate plan. Especially if you own a home or other property, have children, have a business, or want to have a say in who handles your affairs.
What Does a Florida Estate Plan Include?
An estate plan can include several different legal documents and strategies, depending on your circumstances and goals.
Last Will and Testament
A will allows you to decide who should receive certain property after your death. It can also name a personal representative to handle your estate and, when appropriate, address guardianship for minor children.
A will does not necessarily avoid probate. In Florida, assets that are subject to probate may still need to go through the probate process even when you have a valid will.
Revocable Living Trust
A revocable living trust can be used to manage assets during your lifetime and provide instructions for what should happen to those assets after your death.
Depending on how it is designed and funded, a trust may help avoid probate for assets properly held in the trust. Trust planning can also provide continuity of management if you become unable to manage your own affairs.
Durable Power of Attorney
A durable power of attorney allows you to designate someone to handle certain financial and legal matters for you if you are unable to do so yourself.
Having an appropriate power of attorney in place can help avoid unnecessary court proceedings and provide a trusted person with the authority to act when needed.
Designation of Health Care Surrogate
A health care surrogate designation allows you to name someone to make health care decisions for you if you are unable to make those decisions yourself.
Living Will
A living will allows you to express your wishes concerning certain end-of-life medical decisions if you become unable to communicate your wishes.
Why Is Estate Planning Important in Florida?
Florida has specific laws governing wills, trusts, probate, powers of attorney, and other estate planning matters. An estate plan that was prepared in another state may not always work the way you expect after moving to Florida.
Florida also has unique considerations involving property, homestead, married couples, and other assets. For that reason, Florida residents should have their estate plans reviewed periodically to make sure their documents continue to reflect their wishes and comply with current Florida law.
What Happens If You Don’t Have an Estate Plan?
If you die without a valid will, you are considered to have died intestate. Florida’s intestacy laws determine who is entitled to receive your probate assets.
That may or may not be the result you would have chosen.
Without appropriate planning, your family may also face unnecessary delays, expenses, court proceedings, or disagreements about who should handle your affairs.
Estate planning is about more than deciding who receives your property. It is also about making sure the right people have the authority to help you during your lifetime and that your wishes are clearly communicated.
When Should You Create or Update an Estate Plan?
You should consider creating or reviewing your estate plan after major life events, including:
- Getting married or divorced
- Having or adopting a child
- Buying or selling significant property
- Starting or selling a business
- Receiving a substantial inheritance
- Moving to Florida from another state
- Experiencing a significant change in your finances
- Losing someone who was named in your estate planning documents
Even if nothing significant has changed, periodically reviewing your plan can help make sure your documents still reflect your wishes.
How Can a Florida Estate Planning Attorney Help?
Estate planning is not simply a matter of filling out forms. The right plan depends on your family, assets, goals, and circumstances.
An experienced Florida estate planning attorney can help you understand your options and develop an estate plan designed around your particular needs. Depending on your situation, that may include a will, trust, power of attorney, health care documents, beneficiary designations, or other planning strategies.
At Ahava Legacy Law, our attorneys help individuals and families with estate planning, trusts, probate, and related matters throughout the Tampa Bay area, including St. Petersburg and Clearwater.
If you have an existing estate plan, we can also review your documents and help determine whether they should be updated.
Planning ahead can give you greater control over your affairs and give your family greater peace of mind.