In the 2024 Wills Survey, estate planning dropped 6% and 16% among lower-income Americans. Young adults aged 18–34 are the only age group with stable estate planning rates since 2020. 14% more Americans say they don’t have a will because they don’t have enough assets to leave.
Estate planning is important to guarantee that your wishes are followed and secure the future of your loved ones after you’re gone. To create an estate plan, you must understand the step-by-step process to avoid mistakes. Florida estate planning has specific documents you should include in your estate plan to cover all legal bases.
These documents will help protect your assets, decide how they should be distributed, and guarantee that your healthcare decisions are respected if you’re unable to do so yourself.
Learn more about these documents below!
Last Will and Testament
When creating your estate plan in Florida, start with your last will and testament. Your will directs asset distribution after death. It lets you choose beneficiaries for specific objects or money and an executor to carry out your instructions. Without a will, the state will distribute your assets according to intestacy laws, which may be against your wishes.
In your will, you can also name a guardian for any minor children, establish trusts for loved ones, and even make provisions for your pets. It provides a clear roadmap for your loved ones after your death and can help prevent disputes among family members.
Axelrod & Associates suggests that you should review and update your will regularly, especially after major life events such as marriage, divorce, or the birth of children. Your estate plan relies on a well-written will to honor your preferences and provide for your family.
Revocable Living Trust
Make a Revocable Living Trust part of your Florida estate plan. A Revocable Living Trust lets you transfer assets into the trust during your lifetime, administer them as trustee, and decide how they should be dispersed after death. Revocable Living Trusts avoid Florida’s time-consuming and expensive probate process. Avoiding probate lets you disperse assets faster and privately to beneficiaries.
A revocable living trust allows you to amend or revoke it as your circumstances or intentions change. Incapacity planning benefits from this trust assures you that your affairs are administered according to your plan.
Durable Power of Attorney
Help solidify your estate plan in Florida by having a durable power of attorney in place. A durable power of attorney is a document that grants authority to the person you choose, known as the agent or attorney-in-fact, to manage your finances, pay bills, handle real estate transactions, and make other important decisions on your behalf.
It is very important to select a trustworthy and competent individual as your agent, as they’ll have a significant amount of control over your affairs. Having a durable power of attorney in place can give you peace of mind knowing that your financial matters will be managed according to your wishes in case of incapacity.
Advance Directive for Healthcare
A Florida Advance Directive for Healthcare lets you express your healthcare wishes. An advance directive allows you to choose medical treatments and select a healthcare surrogate if you become incapacitated. The Florida legal document is an assurance that your life-sustaining, organ donation, and end-of-life care requests are followed.
Having an Advance Directive for Healthcare gives you peace of mind that your values and beliefs will influence your medical care in difficult times. This agreement also frees your family from making tough decisions without explicit guidance. Discuss your preferences with your surrogate and healthcare providers to let everyone know of your medical plans.
Designation of Health Care Surrogate
Choosing a health care surrogate is important when planning for your healthcare in Florida. If you cannot communicate or make medical decisions, you can appoint a healthcare surrogate. To designate a healthcare surrogate in Florida, you must complete a legal document outlining your chosen surrogate’s name and granting them the authority to make medical decisions for you when necessary. It’s essential to select someone who understands your values and preferences regarding healthcare and who’ll act in your best interests.
Conclusion
Necessary estate planning must be done so that your estate is handled well even if you pass away. Avoid the hassle and the headache that comes with sudden death by preparing and understanding the documents needed for legacy planning in Florida.
