Florida Estate Planning Checklist

A Florida estate plan comes down to five steps and four core documents. First, set your goals, take inventory of your assets and debts, decide who will serve in key roles, put the right documents in place, and update the plan after major life events. The four documents most Floridians need are a living will, a last will and testament, a revocable trust, and a durable power of attorney. Creating a plan does not have to feel overwhelming. With a checklist and an experienced attorney, putting a plan in place for your future is simpler than most people expect.

This page walks through the full checklist and each document, then shows how a Florida estate planning attorney can make sure everything is drafted correctly and works together.

The 5 Basic Estate Planning Steps

Here are five estate planning steps for wills and more that belong on everyone's checklist.

1. Identify your goals

What do you want your estate plan to accomplish? Maybe you want to set aside assets for a charity you love, or maybe you have young children and your first priority is making sure they are cared for. Whatever your goals, take time to sit down and write them all out.

2. Take inventory

Before deciding who gets what, build a detailed list of your assets and your liabilities. Include everything with your name on it, such as bank accounts, credit cards, property deeds, student loans, retirement accounts, and insurance policies.

3. Determine who will be involved

Throughout your plan you will name people as beneficiaries, trustees, guardians, and agents. Think carefully about who should inherit your assets, who you trust to raise your children, and who will handle your affairs after you pass away.

4. Create the necessary documents

An estate plan does not take effect unless it is documented correctly. Several documents each serve a different purpose. Work with an estate planning attorney to make sure you have every document you need and that each one is prepared properly under Florida law.

5. Update regularly

A plan will not update itself when your life changes. Revisit it after any major life event. If you marry, divorce, have children, buy property, open a new account, or make any other significant change to your finances, update your plan so it still reflects your wishes.

4 Estate Planning Documents You Need to Know About

No two estate plans are identical, because no two people share the same situation. An experienced estate planning attorney can take you through the checklist and confirm you have everything in place. Here are the primary documents most people should include.

Living will

A living will sets out your wishes for end-of-life medical care. People often confuse a living will with a last will, but they are entirely different. Because of that confusion, a living will is sometimes called an advance medical directive. It gives instructions for how doctors should treat you if you cannot express those wishes yourself, such as while on life support.

Last will and testament

Often called simply a will, a last will and testament details your final wishes for your assets and dependents. It names who should inherit assets that do not already have a beneficiary, such as property and bank accounts, and who will be responsible for the care of your dependents. If you die without one in Florida, the state's intestate succession law under Florida Statutes Chapter 732 decides who inherits, and the surviving spouse's share is fixed by Florida Statutes Section 732.102 rather than by your preferences.

Revocable trust

A revocable trust is set up during your lifetime, and you keep the ability to change its terms. It lets you place assets into the ownership of the trust. One benefit is that assets held in the trust can skip probate when you pass away, which saves your family time and expense.

Durable power of attorney

A durable power of attorney lets you name another person to make legal decisions for you if you become incapacitated. This matters because an ordinary power of attorney stops working once you are incapacitated. Under Florida's Power of Attorney Act, a power of attorney is durable only if it contains specific language described in Florida Statutes Section 709.2104, which is why the document must be drafted with care.

Why You Need an Estate Plan

If you pass away without an estate plan, a Florida court decides how your assets are distributed, and who cares for your minor children, without any regard to your wishes. If you want your loved ones cared for and your assets distributed exactly the way you intend, you need a plan.

Get Help From an Experienced Estate Planning Attorney

If you are just getting started, reach out to an estate planning attorney soon, because it is never too early to prepare for your future. At Elder Needs Law, we walk you through each step of the checklist and confirm you have everything in place. When you are ready, you can schedule a consultation with our Florida estate planning team and we will build a plan that fits your family. If long-term care is also a concern, our Florida Medicaid planning attorneys can help you protect assets while qualifying for benefits