Reviewed by Daniel Wagner
A complete estate plan entails protecting your future and estate. No estate plan is complete without one or the other. Generally, a comprehensive Florida estate plan includes a Last Will & Testament, Durable Power of Attorney, Medical Power of Attorney, advance directive/living will, beneficiary designations, and (often) a Revocable Living Trust.
Each person’s situation is unique, so a comprehensive estate plan for one person may not apply to another. At Gottlieb Wagner, our legal team will help you develop an estate plan that meets your needs. If you are ready to get started, our South Florida estate planning lawyers are ready to help you manage your affairs, including medical, financial, and property-related matters.
Last Will & Testament
A Last Will & Testament will name a personal representative (executor) to legally manage your estate once you die. The personal representative (PR) is in charge of notifying interested parties, including creditors, of your death. The PR will also handle an inventory of assets and distribute assets to beneficiaries as stipulated. A Last Will & Testament is the cornerstone of any estate plan and is essential, no matter the size of your estate.
Durable Power of Attorney
A Durable Power of Attorney is a legal document that appoints someone in a fiduciary capacity to manage your legal, business, and financial affairs. Under Florida law, a power of attorney takes effect as soon as it is properly executed, and the durability provision means your agent’s authority continues if you later become incapacitated.
To be legally valid, the principal (person creating the document) must be at least 18 years of age and of sound mind. The document must be signed in the presence of two witnesses and acknowledged before a notary public. If you do not have a Durable POA and become incapacitated, your family may need to petition the court for a guardianship, a process that is far more expensive and time-consuming than executing the document in advance.
Medical Power of Attorney
While a Durable Power of Attorney pertains to financial matters, a Medical Power of Attorney (POA) will appoint someone to handle your healthcare and end-of-life decisions. A valid Medical POA requires that you be 18 years of age, of sound mind, and that you sign the document in front of two witnesses (one of whom cannot be a blood relative or spouse).
Given the sensitivity of these matters, our estate planning team recommends that you appoint someone who can keep calm in emotionally charged situations, can stand their ground against opposition, and who will respect your wishes. If you do not execute a Medical POA and lapse into a vegetative state or are unable to communicate your wishes, your family may need to petition the court for a guardianship. This is a time-consuming and expensive process, which could have been avoided through adequate planning.
Advance Directive & Living Will
Advance directives are legal documents that stipulate what treatments you want provided, withheld, or when to withdraw care. Among these, a living will details your end-of-life decisions, organ donation, and what forms of pain management you want administered. These documents are essential in keeping you comfortable if you have an end-stage diagnosis or are incapacitated.
Beneficiary Designations
Many retirement accounts, life insurance policies, and payable-on-death (POD) accounts require you to designate beneficiaries. Beneficiary designations apply to both employer-sponsored account, such as 401(k)s and 403(b)s, and individual plans, including traditional and Roth IRAs. If no beneficiaries are named, the assets typically become part of your probate estate.
Revocable Living Trust
If you have a sizable estate and own a home, you should consider adding a revocable living trust to your estate plan. A revocable living trust, also known as an inter vivos trust, allows you to maintain control of assets during your lifetime while retitling them in the name of the trust. The terms of the trust can be modified while you are alive, but it becomes irrevocable upon death. However, only assets that are transferred into the trust will be protected, so you need to fund the trust during your lifetime.
Contact Our South Florida Estate Planning Attorneys Today
Estate planning provides peace of mind for your future and your family’s future. At Gottlieb Wagner, we know these decisions are never easy. Unfortunately, many people put these matters off, leading to court involvement if these documents are not in place when needed. If you would like to arrange a consultation with one of our South Florida estate planning lawyers, reach out to our office online or by calling (305) 919-7788 today.