Florida Estate Planning Checklist

Simplify estate planning with our free Florida Estate Planning Checklist and find out exactly what you need to guarantee your wishes are fulfilled.

Below is the best Florida specific checklist for estate planning which would would include the following items:

1. Draft a will
2. Designate power of attorney
3. Decide on medical power of attorney
4. Create a living will
5. Review beneficiary designations
6. Consider a trust
7. Update estate plan after major life changes.

Note: It’s recommended to consult a qualified estate planning attorney in Florida to ensure that your plan is in compliance with state laws.

Essential Steps for Securing Your Future: Florida Estate Planning Checklist

To help you get started, we’ve created a comprehensive Florida Estate Planning Checklist to guide you through the process.

Step 1: Draft a Will

Drafting a will in Florida is an important step in creating an estate plan. It outlines who will receive your assets, what they will receive, when they will receive it, and why. 

Why is this needed?

A Will ensures that your assets are distributed according to your wishes after you pass away. It also helps to avoid probate court and can simplify the process for your loved ones.

When should I care?

A Will is important in Florida if you want to decide how your assets will be distributed and who will take care of your minor children after you pass away. It’s a good idea to create a Will when you have assets or dependents to protect.

How do I do it?

Creating a will in Florida is easy. Simply follow these steps:

1. Choose an executor
2. List your assets and designate beneficiaries
3. Have witnesses sign the will
4. Store the will in a safe place
5. Update the will as needed.

Step 2: Designate power of attorney

Designating a power of attorney in your Florida estate plan is important because it allows you to appoint someone you trust to make decisions on your behalf if you become unable to do so. This person can manage your finances and handle legal decisions for you.

Why is this needed?

A power of attorney in Florida allows you to appoint someone you trust to handle your financial and legal affairs in case you become unable to do so. It can save your loved ones from the time, expense, and stress of a court-supervised guardianship.

When should I care?

Appointing a power of attorney in your Florida estate plan can be important in case you become unable to make decisions for yourself. Consider doing so when:

1. You want to ensure your financial and medical decisions are handled by someone you trust
2. You anticipate being unable to make decisions due to illness or injury
3. You want to have a backup plan in case you are unable to manage your affairs.

How do I do it?

To create a power of attorney in Florida, follow these steps:

1. Decide who you want to appoint as your agent
2. Choose the type of power of attorney you need
3. Have the document properly executed and witnessed
4. Store it in a safe place and provide copies to your agent and important individuals.

Step 3: Decide on a medical power of attorney

A Medical Power of Attorney in a Florida Estate Plan is a legal document that allows you to appoint a trusted person, known as your “agent,” to make healthcare decisions on your behalf if you become unable to do so yourself. Your agent will have the power to access your medical records, consult with your doctors, and make decisions about treatments, procedures, and care, based on your wishes and values. 

Why is this needed?

Having a Medical Power of Attorney in place can ensure that your healthcare is managed in accordance with your desires, even if you are unable to speak for yourself.

When should I care?

This is especially important if you have a serious illness or injury and cannot communicate your wishes. By having a medical power of attorney in place, you can ensure that your wishes are honored and that you receive the best possible care. You should consider having a medical power of attorney if you are concerned about your ability to make decisions about your own medical care in the future.

How do I do it?

A Medical Power of Attorney is an important document that allows you to choose someone you trust to make medical decisions on your behalf in case you are unable to do so. Here’s a simple step-by-step guide on how to create a Medical Power of Attorney in Florida:

1. Choose an Agent: Choose someone who you trust and who you know will make decisions that align with your wishes.
2. Find a Template: You can find a template for a Medical Power of Attorney online or consult with an attorney to draft one for you.
3. Fill in the Details: Fill in the details of your chosen agent and the specific medical decisions you wish them to make.
4. Sign the Document: You and your chosen agent must sign the document in the presence of two witnesses or a notary public.
5. Store the Document: Make sure you store the document in a safe place, and give a copy to your chosen agent, your doctor, and any other relevant parties.

Step 4: Create a living will

A living will is a legal document that outlines your wishes for medical treatment in the event that you are unable to make decisions for yourself. In Florida, a living will is an important part of your estate plan because it lets your family and medical providers know what you would like to happen if you become terminally ill or otherwise unable to make decisions for yourself.

In other words, a living will is like a roadmap for your medical care, and it makes sure that your wishes are followed even if you can’t speak for yourself. This can be an important document to have in place to ensure that your end-of-life wishes are honored.

Why is this needed?

A living will is an important document that is needed in a Florida Estate Plan because it allows you to express your wishes for medical treatment in the event that you become unable to communicate or make decisions for yourself. It gives you control over the type of medical care you receive, and helps ensure that your wishes are respected by family members, medical professionals, and others.

This document is especially important for individuals who have specific religious or personal beliefs that may impact their medical decisions. By having a living will in place, you can avoid any misunderstandings or conflicts that may arise when your loved ones are trying to make decisions on your behalf.

When should I care?

A good time to create a living will is when you are in good health and able to make decisions for yourself. This way, you can ensure that your wishes are clearly stated and respected if something happens in the future.

The process of creating a living will is simple and can be done with the help of a lawyer or online legal services. It is important to review and update your living will regularly to ensure that it accurately reflects your current wishes.

How do I do it?

A living will is an important document that outlines your wishes for end-of-life medical treatment. If you live in Florida, creating a living will is a straightforward process that involves the following steps:

1. Gather information: Before you start, you should have a clear understanding of your end-of-life care wishes. This includes details about the types of medical treatments you would like to receive or not receive if you are unable to make decisions for yourself.
2. Choose a form: Make sure the form you choose is legally recognized in Florida.
3. Fill in the form: The form should include your name, address, and contact information. It should also outline your end-of-life care wishes in detail, including specific medical treatments you would like to receive or not receive.
4. Review the form: Before you sign the form, make sure you have thoroughly read and understood its contents. If you have any questions, seek the advice of an attorney.
5. Sign the form: A living will must be signed in the presence of two witnesses who are not related to you. The witnesses must also sign the form.
6. Store the form: Once the form has been signed and witnessed, store it in a safe place where it can be easily accessed if needed. You should also provide copies to your doctor, family members, and any other individuals who need to be informed about your end-of-life care wishes.

By following these simple steps, you can create a living will in Florida that clearly outlines your end-of-life care wishes and helps ensure that your wishes are respected.

Step 5: Review beneficiary designations

Beneficiary designations are important in estate planning as they determine who will receive your assets upon your passing. Reviewing these designations in a Florida Estate Plan involves updating the named beneficiaries on accounts such as life insurance policies, retirement accounts, and payable-on-death accounts to ensure they align with your current wishes and estate plan. This helps ensure your assets are distributed according to your wishes and not according to default state laws.

Why is this needed?

In a Florida Estate Plan, it is important to review your beneficiary designations regularly to make sure that your wishes are still accurate and that your assets will go to the people you want them to.

When should I care?

Think of it like updating your address book. As time goes on, people’s circumstances change and it is important to make sure that your beneficiary designations reflect these changes. For example, you may want to change a beneficiary if they pass away, divorce, or if you want to add a new beneficiary.

By regularly reviewing your beneficiary designations, you can ensure that your assets will be distributed according to your wishes and that your loved ones will be taken care of in the way you intended. This simple step can save your loved ones from potential legal battles and misunderstandings down the road.

How do I do it?

1. Start by obtaining a copy of your current estate plan documents, including any wills, trusts, or life insurance policies.
2. Review the current beneficiary designations on these documents to ensure that they accurately reflect your wishes.
3. If you have made any changes to your life circumstances, such as marriage, divorce, or the birth of a child, consider whether you need to update your beneficiary designations.
4. If you are unsure who your current beneficiaries are or if you would like to change them, consider working with an estate planning attorney who can help you update your documents accordingly.
5. Remember, you should review your estate plan documents regularly to ensure that they are up-to-date and that your wishes will be honored after your death.

Step 6: Consider a trust

A trust in a Florida Estate Plan is a legal arrangement that allows you to designate a trusted individual or organization to manage your assets and distribute them according to your wishes after you pass away. By considering a trust, you can ensure that your assets are protected and distributed in a manner that aligns with your values and goals. 

Why is this needed?

Without a trust, the distribution of your assets would be determined by the probate court, which can be a lengthy and costly process. A trust allows you to bypass probate court, which can save time and money for your beneficiaries.

Additionally, a trust can provide privacy and protection for your assets, as it is not public record like a will. You can also specify how your assets will be managed and distributed, and you can even appoint a trusted friend or family member to act as a trustee.

When should I care?

A trust is needed in a Florida Estate Plan when you want to control how your assets are distributed after you die. It can also be used to avoid probate (the court process of transferring assets to heirs), protect assets from creditors, and provide for minors or people with special needs.

How do I do it?

To create a trust in a Florida Estate Plan, you will need to follow these steps:

1. Determine your goals and objectives: Before creating a trust, you should have a clear understanding of what you want to achieve. For example, you may want to ensure that your children are provided for after your death or protect your assets from estate taxes.
2. Choose a type of trust: There are several different types of trusts, including incentive trusts, revocable trusts, irrevocable trusts, and special needs trusts. Choose the type of trust that best suits your needs and goals.
3. Choose a trustee: The trustee is the person or entity that will manage the trust after you die. You may choose a family member, a close friend, or a professional trustee.
4. Draft the trust agreement: The trust agreement is the legal document that outlines the terms and conditions of the trust. You may choose to hire an attorney to help you draft this document or use an online service.
5. Fund the trust: To make the trust effective, you must transfer assets into the trust. This can be done by changing the ownership of your assets to the trust or by making gifts to the trust.
6. Review and update the trust: It is important to regularly review and update your trust to ensure that it still meets your needs and goals. This can be done by working with your attorney or another trusted advisor.

Step 7: Update estate plan after major life changes

Updating your Florida Estate Plan after a major life change is a crucial step to ensure that your assets and wishes are properly protected. Major life changes can include marriage, divorce, the birth of a child, the death of a loved one, or a significant change in assets.

The process of updating your Estate Plan involves reviewing and revising your current documents, such as a will, power of attorney, or trust, to reflect your updated wishes and circumstances.

Why is this needed?

This is important because a properly updated estate plan can help protect your assets, minimize taxes and other expenses, and provide for your loved ones in case something unexpected happens.

When should I care?

As a person’s life changes, their estate plan may need to be updated to reflect those changes. For example, if you get married, have children, buy a new home, or experience any other significant life event, your estate plan should be updated to ensure that your wishes are accurately reflected.

How do I do it?

Updating your Florida Estate Plan after major life changes can be a simple process. The following steps will guide you through the process:

1. Review your current estate plan: Before you make any changes, it’s important to review your current estate plan to understand what is already in place.
2. Determine what changes are necessary: After reviewing your estate plan, you should identify any changes that need to be made due to your life changes. Some common life changes that may require changes to your estate plan include marriage, divorce, the birth of a child, or the death of a spouse.
3. Consult with an attorney: It is recommended that you consult with an estate planning attorney to make sure that the changes you want to make are valid and legal.
4. Update your will: If your life changes require changes to your will, you will need to make those changes. Your attorney can help you draft a new will or make changes to your current will.
5. Update your other estate planning documents: If you have other estate planning documents, such as a trust, a durable power of attorney, or a living will, you may need to make changes to those documents as well.
6. Review and sign: Once you have made the necessary changes, it’s important to review your updated estate plan and sign it to make it legally binding.

By following these simple steps, you can easily update your Florida Estate Plan after major life changes and ensure that your assets and loved ones are protected.