With the start of a new year, most people are establishing new goals and planning for the future. While you’re thinking about the legacy you want to leave behind, consider whether your estate plan is in place—or if it could use an update. For Florida residents, having a comprehensive estate plan ensures your final wishes are respected, your loved ones are cared for, and your legacy is preserved.
Why Estate Planning Matters
Florida doesn’t require a last will and testament, but passing without one means how your assets are distributed through probate. Without a will, intestate law determines how to divide your estate, with no regard for your personal wishes. Even if you create a last will and testament, your assets will still be distributed through probate; however, you tell the court your wishes through the last will and testament. There are various ways to mitigate the need for probate and guardianship through the use of estate planning documents to include the use of trusts, power of attorney, advanced directives, and beneficiary designations.
A proper estate plan, combines multiple tools and takes into consideration all factors of your life, which allows you to:
- Designate heirs and beneficiaries.
- Minimize or avoid probate.
- Name guardians for minor children.
- Assign a trusted individual to serve in important fiduciary and healthcare roles.
The peace of mind that comes from knowing your family won’t face unnecessary legal complications is invaluable—especially in the start of the new year, when planning and goal setting takes center stage.
Key Elements of a Comprehensive Plan
Here are some essential components to consider:
- Trusts – Trusts, such as revocable living trusts or special needs trusts, allow you to manage and distribute assets in a way that avoids probate and protects beneficiaries.
- Last Will and Testament – Florida law requires that a valid will is written, signed, and witnessed by two people. It should outline who inherits your assets and who you trust to execute your estate. Regular updates to your will are crucial after major life events like marriage, divorce, or the birth of a child. It is normal that when using a revocable trust, there will be a “pourover will” which directs all assets to be distributed to your revocable trust.
- Powers of Attorney – A Power of Attorney gives someone you trust the legal authority to make decisions on your behalf if you become incapacitated. From financial matters to healthcare decisions, this document ensures someone will act in your best interests when you cannot.
- Living Wills and Healthcare Directives – These documents outline your medical preferences, including life-sustaining treatment, in the event you’re unable to communicate your wishes.
- Guardianship Designations – For families with young children, appointing a guardian ensures your children are cared for by someone you trust if the unexpected happens.
Get Started with a Florida Estate Planning Lawyer
Creating or updating an estate plan might feel overwhelming, but it doesn’t have to be. Start by making a list of your assets, identifying your beneficiaries, and outlining your final wishes. An experienced Florida estate planning attorney at Woodward, Pires & Lombardo, P.A., can guide you through every step to ensure your plan meets your needs.
This new year, take the opportunity to think about what truly matters—your family, your legacy, and the values you want to pass on. Estate planning is a thoughtful way to show your loved ones you care about their future, even when you’re no longer there to guide them.
At Woodward, Pires & Lombardo, P.A., we’re here to help you secure your legacy with confidence. Contact us today to speak with attorneys Anthony J. Dimora, Dominico R. Palma, Ross Schulman or Mary C. Brockman and get started on your estate plan.