Your estate plan is one of the most important sets of documents you’ll ever prepare. However, estate planning laws vary by state. Knowing which documents to prepare can be confusing if you moved to Florida from another state. If you live in Florida, allow this article to serve as your Florida estate planning guide.
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Florida Estate Planning Guide: The Will
The document most people associate with an estate plan is the Last Will and Testament. A Will gives an individual – the testator – the chance to state who will get their property when they pass away. Wills may also create testamentary trusts and name guardians for the testator’s children.
In Florida, Wills must be printed on paper like the kind you will get from an attorney. Florida does not accept oral Wills or electronic Wills. Holographic Wills, which are handwritten by the testator, are invalid unless executed under Florida law.
A Will only goes into effect after you die. Other Florida estate planning documents, however, affect you and your family before you pass away.
Florida Estate Planning: The Durable Power of Attorney
Several kinds of power of attorney documents exist. However, the common feature is that the person signing the power of attorney, the principal, names an agent to handle their personal business. The authority granted to the agent may be broad or limited to a single decision.
A durable power of attorney is often part of a complete estate plan because it remains in effect even if the principal becomes incapacitated. In fact, it may help avoid the need for a guardianship.
However, a durable power of attorney does not grant anyone the authority to make medical decisions for the principal.
Florida Estate Planning: The Advanced Directive
The terms advance directive, medical power of attorney, health care power of attorney, and living Will are sometimes used interchangeably. An advance directive is any written statement a person makes regarding medical decisions made if they are unable to communicate those wishes in person.
Through an advance directive, you can name a health care surrogate, describe medical treatments you do or don’t want, and state your preferences about end-of-life treatments.
Florida Estate Planning: Revocable Living Trusts
While some may consider it optional, a revocable living trust can be a great tool for achieving your estate planning goals. By transferring your assets to a revocable living trust, you can avoid the expense and frustration of a lengthy probate. Your assets typically transfer to your heirs soon after you pass away. You can also name a successor trustee to manage your trust assets if you become incapacitated.
Even with a Florida Estate Planning Guide, You’ll Have Questions
Beacon Legacy Law™ has the experience to address your questions and concerns. In fact, attorney John Mangan is board certified in Wills, Trusts & Estates by the Florida Bar.
