Are you considering creating an estate plan in the Sunshine State of Florida? Whether you’re a Florida resident or just own property here, proper estate planning is essential to ensure your future wishes are carried out and your loved ones are provided for.

Although not intended to be comprehensive, the following checklist outlines the general steps that clients take during their plan, from initially gathering their assets through document execution and into future plan reviews. Your dedicated attorney at Lumsden Law is with you throughout the process to answer questions, provide guidance, and help with all of these items to ensure that your plan is tailored to you for now and going forward.

1. Assess Your Assets and Liabilities |

Make an inventory of all your assets, including real estate, investments, bank accounts, retirement accounts, and personal property.  Also, make a list of any debts or liabilities you may have, such as mortgages, loans, or outstanding bills.

2. Determine Your Objectives and Preferences |

Consider your goals and preferences for distributing your assets and making important decisions regarding your dependents, businesses, healthcare, and finances. Think about who you want to care for your dependents, to inherit your property, who will be your beneficiaries, and who you trust to make medical or financial decisions on your behalf if you become incapacitated.

3. Choose Your Personal Representatives, Trustees, and Agents |

Select trustworthy individuals or professionals to serve as the executor of your Will and trustee of your trust after you pass, responsible for administering your estate according to your wishes. If you have minor children or beneficiaries who may require ongoing financial management, consider appointing trustees to oversee their inheritances.

4. Draft Your Will and Estate Planning Documents |

 Lumsden Law will draft your Trust or Last Will and Testament, as well as other essential documents such as your Living Will, Healthcare Power of Attorney, and Durable Power of Attorney, tailored to your circumstances and goals. These documents will ensure your wishes are legally documented and followed.

5. Review and Update Beneficiary Designations on Other Documents|

While creating your estate plan, review the beneficiaries designated on your life insurance policies, retirement accounts, and other financial assets to ensure they align with your current wishes. Keep in mind that beneficiary designations override instructions in your Will, so it is crucial to keep them up to date.

7. Organize and Store Important Documents |

Keep your original estate planning documents in a safe and accessible location, such as a secure fireproof box or a bank safe deposit box, so that your successors have access to them when needed. Your original will must be deposited with the clerk of court in your county within 10 days of your passing, so it is important that your documents are accessible to your agents in the future. Your attorney is here to help with storage of your documents.

8. Communicate Your Plans with Loved Ones |

Discuss your estate planning decisions with your agents, family members, and beneficiaries to avoid potential misunderstandings or disputes in the future. Clear communication can help alleviate concerns and ensure everyone understands your intentions. Personal Representative and Trustee information sessions are available with your attorney to ensure that all parties understand your wishes and how to uphold them.

Estate planning, like your life itself, is an ongoing process that will require updates as your circumstances change. Review your estate plan when major life changes such as birth, death, marriage, or divorce, occur. Call your attorney if you ever have questions or if you desire changes to your plan.

At Lumsden Law, we are dedicated to helping individuals and families in Florida navigate the complexities of estate planning with compassion. Contact me today to schedule a complimentary consultation and take the first step towards planning a secure and clear future for your family.