Protecting Your Assets in Florida: Estate Planning Essentials

Create a comprehensive list of all your assets including bank accounts, investment accounts, retirement accounts, real estate, vehicles, valuable personal property, digital assets, and business interests. Include account numbers, locations, and approximate values. Store this document securely and inform your trusted representatives where to find it. Update this inventory annually or whenever you acquire or dispose of significant assets.

Under Florida law, a valid will must be in writing, signed by the testator (you) at the end of the document, and witnessed by at least two individuals who sign in your presence and each other's presence. Your will should name an executor, guardians for minor children if applicable, and specify how your assets should be distributed. Florida has specific requirements for self-proving wills that make the probate process easier, so consider having your will notarized as well.

A revocable living trust can help your assets avoid probate in Florida, which can be time-consuming and expensive. To create a valid trust in Florida, you must properly transfer assets into the trust (called 'funding' the trust). The trust document should name trustees, successor trustees, and beneficiaries. Unlike some states, Florida does not require notarization of trust documents, but having it notarized is recommended for added validity.

Florida law (Chapter 709, Florida Statutes) governs powers of attorney. A durable power of attorney allows someone to manage your financial affairs if you become incapacitated. In Florida, powers of attorney must be signed by the principal (you) and two witnesses, and be notarized. Since October 1, 2011, Florida requires very specific language for powers of attorney to grant certain authorities, particularly for real estate, banking, and investment transactions.

In Florida, this document is officially called a 'Designation of Health Care Surrogate.' It allows someone to make medical decisions for you if you cannot. Florida Statutes Chapter 765 governs this document. It must be signed by you and two witnesses. Unlike some states, Florida does not require this document to be notarized, though it is recommended. Choose someone you trust who understands your healthcare wishes and is willing to advocate for you.

A living will (also called an 'advance directive') in Florida allows you to state your wishes regarding end-of-life care and life-prolonging procedures. Under Florida Statutes Chapter 765, a living will must be signed by you and two witnesses. One witness cannot be your spouse or a blood relative. Consider addressing specific scenarios like mechanical ventilation, resuscitation, tube feeding, and comfort care preferences.

This document allows healthcare providers to share your medical information with designated individuals. While not specific to Florida law, this federal authorization is crucial to ensure your healthcare agents can access your medical information. The form should list all individuals authorized to receive your medical information and specify what information can be shared.

Many assets in Florida pass outside of probate through beneficiary designations, including life insurance, retirement accounts, and transfer-on-death accounts. Review and update all beneficiary designations to ensure they align with your overall estate plan. Remember that these designations typically override what's in your will, so consistency is important. Include contingent beneficiaries in case your primary beneficiaries predecease you.

If you own real estate in Florida and want to ensure it transfers according to your wishes, you may need to record new deeds. Florida recognizes several types of deeds that can help with estate planning, including lady bird deeds (enhanced life estate deeds) that allow property to pass automatically upon death while retaining control during your lifetime. These must be properly recorded with the county clerk in the county where the property is located.

Florida has adopted the Revised Uniform Fiduciary Access to Digital Assets Act (Chapter 740, Florida Statutes), which provides a framework for managing digital assets after death. Create an inventory of digital assets, including online accounts, cryptocurrencies, and digital files. Provide instructions and necessary access information for your fiduciaries. Some platforms have their own legacy planning tools that should be utilized.

Florida has unique homestead laws that provide significant protection for your primary residence. These laws affect how your home can be transferred at death and protect it from creditors. If you have a spouse or minor children, there are restrictions on how you can devise your homestead property in your will or trust. Research how Florida's homestead laws apply to your situation, as improper planning can create unintended consequences.

Florida law provides that a surviving spouse is entitled to an 'elective share' of 30% of the deceased spouse's estate, regardless of what the will says. This is designed to prevent spousal disinheritance. If you're married and planning to leave your spouse less than 30% of your assets, understand that they may have legal rights to claim more. Consider a prenuptial or postnuptial agreement if you wish to modify these rights.

Store all your estate planning documents in a secure but accessible location. In Florida, you can file your will with the clerk of the circuit court for safekeeping (Florida Statutes 732.502(5)), though this is optional. Inform your executor, trustees, agents, and healthcare surrogates about their roles and where to find necessary documents. Consider providing copies to these individuals while keeping the originals secure.

Florida law and your personal circumstances change over time. Review your estate plan after major life events (marriage, divorce, births, deaths) or every 3-5 years. Florida has specific rules about how divorce affects wills and beneficiary designations (generally revoking them as to the ex-spouse), but it's better to update documents proactively rather than relying on these default rules.