The Essentials Of Florida Estate Planning: What You Need To Know

The number of Americans working on an estate plan has gone down by 6% since 2023. While estate planning in Florida can seem complex, it’s more manageable with legal help on your side.

Putting together an estate plan is crucial to spare your loved ones confusion if the worst comes to pass. It’s a practical document that enables your family to successfully navigate the legal system and transfer assets should you pass away or become incapacitated.

If you need to get started on basic estate planning in Florida, the guide below will answer your questions and address common concerns. By the time you’re done, you’ll already be on your way to creating an estate plan to keep your loved ones legally covered.

The Essentials Of Estate Planning In Florida

Whether you’re worried about having documentation for a personal injury attorney or are afraid of experiencing medical malpractice in Florida, getting started is the hardest part.

Once you learn the basics of estate planning, you’ll be well on your way to putting together your document and feeling more secure about the future.

What Is An Estate Plan?

Put simply, an estate plan is a legally binding document that helps transfer your assets in the event you pass away or are incapacitated. This document is also known as a last will and testament.

Ideally, an estate plan should be detailed enough to avoid a probate. While the probate process is still helpful, it can be an expensive and time-consuming experience for your loved ones.

What Is A Probate?

When someone passes away, who is responsible for redistributing their assets? The probate provides the answer to this question in the form of a court-supervised process.

In Florida, probate has two main categories: summary administration and formal administration. The former is a less-costly solution for someone with few assets or liabilities.

The latter is for someone who has a large amount of assets or liabilities. This more complex legal proceeding requires a personal representative to file paperwork, pay creditors, or distribute assets.

A probate is essential if a deceased person didn’t have legal documents covering their assets, though the process is often long, complicated, and stressful for family members. Ideally, you want to avoid a probate through a carefully written estate plan.

What Is A Valid Will?

The state of Florida has a specific process of putting together a will. A valid will is a document that states any final wishes with two witnesses.

This legal document requires your signature, your witnesses’ signatures, and a specific description of your final wishes.

According to a survey, 33% of respondents said they didn’t put together a living will or similar document because they don’t have enough assets. A valid will is still crucial to keep your families' options open. It can allow any named representatives to sue on behalf of your estate, such as you experiencing medical malpractice in Florida.

This document can also give instructions on the funeral or burial process. No matter where you are in life, putting together your estate planning document now will give you much-needed peace-of-mind in the future.

The Estate Planning Documents You Need

You may be wondering if you have enough documents to start putting together an estate plan. Below are essentials you need to get started on basic estate planning in Florida, then later reach out for attorney estate planning.

Without these documents, putting together an effective estate plan will be more complex and time-consuming.

Durable Power Of Attorney

Have you wondered who can advocate on your behalf if you’re bedridden and aren’t able to make legal or financial decisions? You can give this responsibility to a durable power of attorney in your estate plan.

A durable power of attorney will make decisions such as paying bills or managing your estate. If you don’t choose one in your estate plan, a court will select someone for you.

Preneed Guardian Designation

When it comes to legal documents, it always helps to be extra careful. A preneed guardian designation provides a back-up plan in case your health care surrogate or durable power of attorney can’t advocate for you.

A preneed guardian designation determines who makes financial or medical decisions if you pass or become incapacitated. It will also decide who will take care of your child in case your partner dies.

Without this document in your Florida estate planning, you may have people in charge of your medical care or children whom you’ve never met.

Revocable Living Trust

Sometimes called a living trust, this document is similar to a living will and testament. It states your last wishes and provides instructions on how to transfer assets or manage affairs in your absence.

This document is called revocable because you can still change it while you’re alive. Once you pass, a revocable living trust becomes irrevocable.

One noteworthy advantage of a revocable living trust is that it reduces the need for probate, due in no small part to its specifics around asset management.

Provision Of Digital Assets

According to a White House statement, 16% of Americans have purchased digital assets. From websites to social media accounts, your digital assets can also be legally protected in an estate plan.