Florida Estate Planning Checklist: What to Review Every Spring

Spring is an ideal time for Florida residents to review and update their estate plans. Regularly revisiting your estate plan ensures that it aligns with your current wishes, financial situation, and any changes in state or federal laws. Use this Florida Estate Planning Checklist to guide your annual review and maintain a comprehensive and effective estate plan.

1. Review and Update Your Last Will and Testament

Your will outlines how your assets will be distributed upon your death. It’s crucial to review this document annually to ensure it reflects your current intentions.

Key Considerations:

• Beneficiary Designations: Confirm that all beneficiaries are up-to-date, especially after major life events such as marriage, divorce, or the birth of a child.

• Executor Appointment: Ensure your chosen executor is still willing and able to serve in this role.

• Asset Distribution: Verify that all assets are accounted for and that distributions align with your current wishes.

2. Assess Your Trusts

Trusts can help manage your assets during your lifetime and facilitate their transfer after your death, often avoiding probate. Regular reviews ensure they function as intended.

Key Considerations:

• Trustees: Confirm that your appointed trustees are still appropriate choices and willing to serve.

• Funding: Ensure all intended assets are properly titled in the name of the trust.

• Terms and Conditions: Review the terms to ensure they align with your current goals and circumstances.

3. Update Beneficiary Designations

Certain assets, such as life insurance policies and retirement accounts, pass directly to named beneficiaries, bypassing your will. Regularly reviewing these designations is vital.

Key Considerations:

• Consistency: Ensure beneficiary designations are consistent with your overall estate plan to avoid conflicts.

• Contingent Beneficiaries: Update contingent beneficiaries as needed to provide backup recipients.

4. Evaluate Your Durable Power of Attorney

A durable power of attorney designates someone to manage your financial affairs if you become incapacitated. Regular reviews ensure your chosen agent remains appropriate.

Key Considerations:

• Agent Selection: Confirm that your appointed agent is still capable and willing to act on your behalf.

• Scope of Authority: Ensure the document grants the necessary powers for your agent to manage your affairs effectively.

5. Review Your Advance Healthcare Directives

Advance healthcare directives, including a living will and healthcare surrogate designation, outline your medical preferences and appoint someone to make healthcare decisions on your behalf.

Key Considerations:

• Healthcare Surrogate: Verify that your chosen surrogate is still appropriate and informed of your wishes.

• Medical Preferences: Update any changes to your medical treatment preferences.

6. Inventory Your Assets and Liabilities

An accurate and current inventory of your assets and liabilities is essential for effective estate planning.

Key Considerations:

• Asset List: Update the list of your assets, including real estate, bank accounts, investments, and personal property.

• Liabilities: Document any outstanding debts or obligations.

7. Review Guardianship Designations

If you have minor children, it’s crucial to designate a guardian in your estate plan. Regularly reviewing this designation ensures your children will be cared for by someone you trust.

Key Considerations:

• Guardian Selection: Confirm that your chosen guardian is still willing and able to assume this responsibility.

• Alternate Guardians: Consider naming alternate guardians in case your primary choice is unable to serve.

8. Consider Tax Implications

Estate taxes can significantly impact the value of the assets passed on to your beneficiaries. Regularly reviewing your estate plan can help minimize tax liabilities.

Key Considerations:

• Tax Law Changes: Stay informed about changes in federal and Florida state tax laws that may affect your estate.

• Gifting Strategies: Consider implementing gifting strategies to reduce the taxable value of your estate.

9. Organize and Secure Important Documents

Keeping your estate planning documents organized and accessible ensures that your wishes can be carried out efficiently.

Key Considerations:

• Document Storage: Store original documents in a safe, fireproof location, and inform your executor and key family members of their whereabouts.

• Digital Copies: Consider creating digital copies of important documents for backup purposes.

10. Consult with an Estate Planning Attorney

Estate planning laws can be complex and subject to change. Regular consultations with an experienced Florida estate planning attorney can help ensure your plan remains effective and compliant.

Key Considerations:

• Professional Review: Schedule periodic reviews of your estate plan with your attorney to address any changes in your circumstances or the law.

• Legal Updates: Stay informed about legal developments that may impact your estate planning strategies.