A Step-By-Step Guide To The Estate Planning Process For Florida Residents

In this article, you can discover…

• Why estate planning is so crucial for Floridians.
• The documents you should include in a comprehensive estate plan.
• How to update your estate plan, and when to do so.

Why Is Estate Planning Important For Florida Residents?

Estate planning refers to the process of organizing your assets and determining what will be done with them when you pass away. Assets such as your money, properties, and investments will be included in an estate plan that dictates who will receive what after your passing. Planning your estate is also important as it will include making arrangements for care if you become incapacitated.

Which Documents Should I Include In A Comprehensive Estate Plan?

Estate plans generally come in one of two forms: Will-Based or Trust-Based.

Key documents to be included in a Will-based estate plan are:

• Last Will And Testament – This document outlines how you would like your property and assets to be distributed after you pass. Your will also names who you would like to take guardianship over any minor children.
• Durable Power Of Attorney – A durable power of attorney designates someone to be responsible for your financial decisions if you become unable to make them for yourself.
• Living Will Or Healthcare Directive – These documents will specify your preferences about medical treatment and outline which procedures you may or may not want to undergo in case you become unable to communicate your wishes.
• Designation Of Health Care Surrogate – Your health care surrogate designation establishes who you would like to make medical decisions on your behalf. This designation will include HIPAA Authorizations that allow your surrogate to obtain your medical information from doctors.

Having a proper designation in place, together with a durable power of attorney, can prevent your family from engaging in Florida Guardianship proceedings if you become incapacitated.

Trust Based estate plans include:

• Trust – This places your assets under the control of a trustee who can manage them on behalf of a beneficiary. There are many different types of trusts that you can choose from that can help you accomplish different estate planning goals, such as avoiding probate and protecting your assets.
• Pour-Over Will – This document is used with a trust to help you avoid probate. A pour-over will ensures that any assets that exist outside of your trust will transfer to your trust after your death in order to avoid probate.
• Certificate Of Trust – This is a legal document that proves the existence of your trust and corroborates the authority of each trustee to act on its behalf without revealing any private details of the trust.

Trust-based estate plans will also include all of the documents included in a will-based estate plan. However, a pour-over will acts in place of a last will and testament in a Trust-based plan. Additional documents, such as deeds, may be included in either type of estate plan, depending on the unique circumstances of the case.

Attorney Jeremy Dubyak, Esq. is a seasoned lawyer based in Pensacola, FL who has helped countless clients just like you navigate the intricacies of estate planning law. With over a decade of experience, Jeremy Dubyak, Esq. is prepared to assist you in setting up your estate properly so that you can move forward with peace of mind that your wishes will be fulfilled.

Still have questions? Ready to get started? Contact Dubyak Law Firm today to schedule an initial consultation.

What Are The Primary Steps Involved In Estate Planning?

Whenever you are making plans for your estate, you should always create an inventory of your assets to make sure everything is accounted for. Be sure to consider your family’s financial situation along with any goals or plans to support minor children who may need care in the event that something happens to you. Your estate plan should account for what care is to be provided as well as who will be responsible for any minors.

It is also important to take into consideration any personal healthcare needs so that you can make arrangements for someone to take responsibility for your care in the event that you are incapacitated. Once you have made your decisions, it is crucial that you confer with an attorney and have a discussion with the individuals and family members who will be affected by your estate plans.

What Are The Costs Associated With Creating An Estate Plan In Florida?

In Florida, the cost of estate planning services can range anywhere from $100 for individual documents to upwards of $1,000 for a basic estate plan. Asset protection and tax planning for higher net worth individuals are more costly.

When Should I Update My Estate Plans?

Ideally, your estate plan should be reviewed and updated every 3-5 years to account for any life changes. There is no hard rule for this, but at the very least, you should make updates for any significant life event, such as births, marriages, divorces, relocations, or changes in your health.

How We Help Clients Overwhelmed By The Estate Planning Process?

The estate planning process can be very convoluted, often leading to confusion and overwhelm. It is important to us that we remain non-judgmental and validate any needs and concerns that arise along the way.

Clients commonly respond well when they feel that their voices are being heard, so we are always sure to listen to your needs and respond accordingly. When you know that your needs and best interests are the primary focus, it makes for a far more trusting and effective working relationship.

Still Have Questions? Ready To Get Started?

For more information on the Florida Estate Planning Process, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (850) 266-7822 today.