If you have children who need specialized care or if you want someone to receive your inheritance without that affecting their Medicaid benefits, then you should consider creating a Special Needs Trust. These individuals usually gain power over: This should be someone you trust and you should always discuss the selection with them. You can select a durable power of attorney, who will gain the power to make legal decisions for you if you become incapacitated. You can put your assets into the trust’s ownership, helping to avoid probate and ensure they are distributed in line with your vision by a Trustee after your death. Revocable TrustĪ revocable trust is a type of trust that allows you to change it in your life as you wish. Guardianship appointments will determine who will protect your children, ensuring they’re in safe hands without the uncertainty of protection during a very difficult time. But it’s a very important step to take that can protect your children in the worst-case scenario of your death. Many people simply avoid this step because it’s such a dark topic and it can feel like tempting fate. Here you should document who should inherit your assets and who will become a guardian of any children. This document details your last wishes for asset distribution and what happens to any minors. Last WillĪ last will is what is usually referred to as simply a ‘Will’. In this document, you will provide instructions for medical care, if you are unable to make these decisions yourself – such as if you’re on life support or in a coma.

Nobody has the same estate plan and these documents vary depending on your estate planning goals.Įvery Florida estate planning checklist should see you consider: Living WillĪ living will is very different from a last will.Ī living will documents your wishes for end-of-life care. Now you should work with an estate planning attorney to ensure you complete all the necessary paperwork. Complete the Necessary Estate Planning DocumentsĪn estate plan is nothing but a dream until it’s documented correctly. That’s especially true for Trustees, guardians and personal representatives – are they comfortable with the responsibility? 6. You should consider talking to each of these selected individuals to see how they feel about their inclusion.

While Trustees and Personal Representatives must be responsible, trusted individuals who will make wise, smooth, legal decisions – hot-headed people are often unsuitable for these roles. For example, beneficiaries will receive a share or selection of your assets. Think carefully, as these people will be directly impacted by their inclusions. You now need to decide who will be selected as:

It is also a good opportunity to identify the non-probate assets from those that would pass through probate. This includes property deeds, vehicles, bank accounts, investment holdings, credit cards, insurance policies, pets, student loans and more. Take Inventoryīefore you start deciding who should get what, you need to make a detailed list of every single asset and liability in your name. Once you recognize these goals, your Florida estate planning attorney can begin making a plan that makes these goals a reality, legally and in your best interests. This may include ensuring your children are cared for, your pets are protected, money is given to charity or if you’d like assets distributed slowly over time. Take the time to think and write your priorities out. Identify Your GoalsĪsk yourself what you want to achieve with your estate plan. The earlier in the process you get legal assistance from a Florida estate planning attorney, the better. They’ll be able to suggest estate planning ideas that you are unlikely to ever think of. This is your chance to minimize estate taxes, protect your family’s wealth and reduce the strain on your family after your death.įlorida estate planning attorneys know every facet of estate planning law and can use it to your advantage.

Speak to a Florida Estate Planning AttorneyĮstate planning is far more complicated than just filling out a will form and storing it in the attic. Even if you’re a young adult, creating an estate plan is wise. But it’s especially important if you have children and assets. If you’re an adult who isn’t mentally incapacitated, the answer should be yes. Do You Need an Estate Plan?įirst up in the Florida estate planning checklist is confirming whether you need an estate plan. This Florida estate planning checklist is a great starting point before working with an experienced Florida estate planning attorney. Doing so can protect your family’s wealth, vision and future for generations to come. It’s never too early to start estate planning.

Estate planning checklist 2020