Did you welcome the New Year by resolving to either start or update your Florida estate planning? Your decision is crucial in Florida because there may be specific state laws that could seriously impact your planning. In our Florida estate planning law office we would like to help you to reach your estate planning goals. We have eight Florida estate planning tips we do not want you to miss for updating your Florida estate plan that will help you start your New Year off strong. By understanding and implementing these tips you will have the peace of mind that your Florida estate plan is comprehensive and up-to-date.
1. Understand that there are estate laws specific to Florida. Understanding the intricacies of Florida's estate laws, like homestead regulations and probate procedures, is critical. By working with your experienced Florida estate planning attorney, they can help keep your estate plan in line with these unique legal requirements.
2. Understand that if you have minor children, there needs to be planning. It is extremely important, if you have minor children, to name a guardian for them in your Florida estate plan. You may also want to consider setting up a trust. You need to be thinking ahead so that you can safeguard the future welfare and financial needs of your children.
3. Understand that the time to begin planning for your long-term care needs is now. Planning ahead, before a crisis, for long-term care is an important aspect of Florida estate planning. Start this discussion with your Florida estate planning attorney as soon as possible. This is so that options such as long-term care insurance and legal instruments like healthcare directives can be prepared for the possibility that you may need additional assistance with your activities of daily living in the future.
4. Understand the importance of keeping your beneficiary designations updated. You need to be aware that there are life events, such as marriage or the birth of a child, that may necessitate a review of your beneficiary designations on financial accounts to ensure they reflect your current intentions. It is also important to discuss these beneficiary designations with your Florida estate planning attorney so that together you can decide what assets should proceed this way and which ones should be funded into a trust agreement.
5. Understand the importance of a plan for incapacity. In your Florida estate plan you should have a durable power of attorney and living will to safeguard your wishes in case of incapacity.
6. Understand that you need to include all of your digital assets. Review, inventory, and make a list of all your digital assets, including online accounts and digital currencies. Make sure all are accounted for and accessible to your future decision makers.
7. Understand the importance of the need to regularly review and update your estate plan. Your Florida estate plan needs to be regularly reviewed, especially if it has been several years since your last review. When there have been changes in your life, in the laws, or in your financial situation there may need to be updates which your Florida estate planning attorney will be able to help you take care of.
8. Understand and know that you need to take into consideration your out-of-state assets. If you own real property or have significant connections outside Florida, then it is important to consider how the laws of other states might affect your estate. We highly recommend that you meet with your Florida estate planning attorney because multi-state planning can be complex and may require specialized legal advice and, in fact, they will be able to help you determine the best solution for your unique situation.
To summarize, the New Year is an excellent time to make sure that your Florida estate plan is up-to-date and reflects your current circumstances and allows you to start your New Year off strong. With these estate planning tips, your Florida estate plan can effectively safeguard your legacy and provide peace of mind. Remember that regular reviews and adjustments are vital in maintaining the effectiveness of your Florida estate plan. In addition, meeting regularly with your Florida estate planning attorney allows you to ask questions and share concerns and can then give you and your family the peace of mind that you are protected.
We know this article raises more questions than it answers. Contacting a Florida attorney and then trusting them to work for you can be overwhelming and stressful. We are dedicated to YOU – getting to know you, your situation, and your needs. Simultaneously, we want you to understand that we view each client as an individual who is entitled to the best representation possible. Being a lawyer is a responsibility and a privilege that we don’t take lightly. When you choose The Demosthenous Law Firm you can rest assured that you have an exceptional legal team in your corner, fighting diligently for your rights and best interests. Contact us today to schedule a consultation and experience the difference that our unparalleled legal representation can make in your life.