What is the importance of estate planning in Florida? It could influence your very survival and your legacy.
Carefully determining who makes decisions on how you are medically cared for if you are unable to do so for yourself could save your life or ensure it ends the way you want it to. And legally documenting how your assets are distributed after your death allows your property and money–no matter the amount–to go to your loved ones as you desire. This planning can spare your family from unnecessary stress or strife during a time of emotional pain or grieving.
Estate planning is not a one-size-fits-all process. As experienced estate planning attorneys know, each client’s unique goals and circumstances must be taken into account. Florida’s probate and tax laws must also be considered.
At the Law Office of Gary M. Landau, P.A., a Florida estate planning law firm serving clients throughout South Florida and the rest of the state, we use our extensive experience to work collaboratively with each client seeking our legal services. For more than 25 years, our Florida attorney and law firm have provided legal guidance and personalized estate planning to numerous satisfied clients.
What Is Florida Estate Planning?
Florida estate planning is the process of creating the legal documents that dictates the handling of your medical affairs should you become incapacitated, and of your assets when you pass away.
Comprehensive estate planning involves more than just a Will, although that is an important part of it. Depending on individual circumstances, documents may also include a Healthcare Surrogate, Living Will, Trusts, and/or a Durable Power of Attorney.
Important factors to consider when creating an estate plan include:
- Who will make medical and financial decisions for you if you are unable to do so?
- How much intervention do you desire at the end of your life?
- Who will receive your assets when you pass away?
- Who will care for your minor children if both parents are no longer living?
What Happens Without a Florida Estate Plan?
It is important for everyone, no matter their age or net worth, to consider estate planning. People can pass away suddenly from accidents or sudden illness. When someone dies without a valid Will (known as dying intestate), Florida laws dictate the distribution of the person’s assets.
Intestacy laws follow a specific order of succession that may or may not comport with your own desires:
- If you’re married and have children only with your spouse, your spouse inherits all your assets.
- If you’re married and have children from a prior relationship, your spouse inherits half and the remaining half is split among your children.
- If you have no spouse or children, your assets go to more distant relatives such as parents, siblings, or cousins.
- If no relatives can be located, the estate goes to the Florida government.
(To learn more, read our blog What You Need to Know About Florida Intestacy Law.)
Most people want to determine for themselves who gets their home and other assets after their death and not rely on dictates of the law.
People also generally want to control important medical and financial decisions, such as deputizing the person they want to make those choices should they become incapacitated or near death. (It’s important to note, though, that while medical powers of attorney only come into play in limited circumstances, a financial power of attorney takes effect immediately upon its signing.)
Understanding Probate
Probate is the legal process by which the courts oversee the distribution of a deceased person’s estate after they die. Because the process is supervised by a probate judge, all documents must adhere to strict legal requirements so they are deemed valid when submitted during a probate.
(To learn more, read our blog Is Probate Required in Florida? An Experienced Florida Probate Attorney Answers).
Components of an Estate Plan
Requirements for an estate plan vary by each person’s circumstances. Your attorney will work with you to determine which documents are important for you to create.
1. Last Will and Testament
A Will is the foundation of all estate plans. This document specifies how assets are distributed to heirs and/or charities following a death.
Components of a well-drafted Will include:
- Exactly how much of each asset you are leaving to each named individual or charity.
- Who will be the personal representative–the person who oversees the estate administration (including a backup representative).
- Who you desire to be the guardian for any children under age 18.
Married couples need two Wills, one for each spouse. Once finalized, notify someone close to you that have drafted a Will and where they can find it. Never store a Will in a bank safety deposit box, as access to these boxes is severely restricted after someone dies.
Florida has exacting requirements for how a Will is created and executed to ensure it is valid. This is why it is beneficial to work with an experienced estate planning attorney rather than downloading a DIY Will from an online store.
(To learn more, read our blog What Are the Steps to Making a Will in Florida?).
2. Health Care Directives: A Living Will and a Health Care Surrogate
Unlike a Will, health care directives come into play while you are still alive. There are two separate documents, and most people should draft both.
A Living Will communicates personal preferences should you need heroic end-of-life interventions but are not conscious to make a decision for yourself. For example, in this document you would denote whether you would want to be put on life support even if there is no meaningful chance for recovery.
The second document is a Healthcare Surrogate designation. This document deputizes a specific individual to make medical decisions when you are unable to. This may also include decisions near the end of your life, so you want to be sure the Health Care Surrogate agrees to follow the wishes outlined in your Living Will.
3. Revocable Living Trust
Some clients benefit from a Revocable Living Trust. In this document, you transfer your assets into the Trust, making this legal entity the technical “owner” of them during your lifetime. As the beneficiary, you retain full access to all assets as long as you remain the Trustee. Because it is revocable, these Trusts can be changed or terminated at any time.
Upon your death, the assets immediately transfer to the named Successor Trustee for further administration, according to the terms of the Trust.
Our law firm sees mistakes that occur after someone establishes a Trust, which is why extreme care is required. Many people neglect putting all their assets in the Trust (especially those that are purchased or established after its creation), necessitating their probate. Other individuals misplace the Trust document–which they may have for years or decades–which creates major problems later for the Successor Trustee.
(To learn more, read our blog How to Set Up a Trust in Florida).
4. Durable Power of Attorney
This document gives a designated person the ability to make financial decisions on your behalf, including major ones such as selling your home or signing legal contracts. Durable powers of attorney become effective as soon as they are signed. For these reasons, careful consideration should go into determining whether this is right for you.
Consequences of Not Having an Estate Plan
Failing to create an estate plan can have significant repercussions for your family. These may include:
- Medical decisions you don’t want. You could be placed on life support or experience other medical interventions you may not desire.
- Unintended asset distribution. State law, not your preferences, would dictate the division of your assets after your death.
- Family disputes. Without clear instructions, loved ones may disagree over what you would have wanted, leading to strained relationships or legal battles.
- Financial costs. Dying without a legally valid Will may increase the length of the Probate process and impose additional costs.
- Unprotected children. For parents with minor children, if both parents/guardians die without a Will, the court decides who becomes their legal guardian, which may not align with your wishes.
Why Choose the Law Office of Gary M. Landau Among Florida Estate Planning Attorneys and Law Firms?
A proper estate plan requires customization that takes into account your desires, family dynamics, financial situation, and life goals. At the Law Office of Gary M. Landau, we offer:
- Decades of experience. With over 25 years of practice, we’ve successfully guided numerous clients through estate planning and probate matters, some simple, others complex.
- Personalized service. Attorney Gary M. Landau personally oversees your case and handles details with precision.
- Flexibility. Whether you prefer in-person meetings, phone calls, or Zoom consultations, we accommodate your desires.
Serving Coral Springs, Parkland, Tamarac, Deerfield Beach, Boca Raton, West Palm Beach and all of South Florida, our law firm walks you through each step of the estate planning or probate process and gives you peace of mind.
Start the Estate Planning Process Today
- Schedule a Free Consultation: Contact our office at (954) 979-6566 or complete our online form to schedule a free consultation.
- Gather Information: Take inventory of your assets and think about who you’d like to name as beneficiaries, personal representatives, guardians, and surrogates.
- Create a Personalized Plan: Work with Attorney Gary M. Landau to draft and execute a comprehensive estate plan.
- Review Regularly: Update your plan every few years or after major life changes, such as marriage, divorce, or the birth of a child.
Protect Your Loved Ones Today with the Law Office of Gary M. Landau
Life is full of uncertainties, but with proper estate planning, you can protect what matters most to you. Have you been typing “Trust and estate planning attorney near me?”, “Florida estate planning attorney,” or “Florida estate planning lawyers” into your search bar?
With more than 25 years of experience in our practice areas and countless satisfied clients, Gary M. Landau and his team are uniquely positioned to help you with your probate and real estate needs in Coral Springs, Parkland, and throughout Florida. Whether you’re ready to probate a loved one’s estate or to write your own will, or if you are purchasing a home, have inherited a home, or want a closing agent to handle title insurance and all documents for your closing or refinancing, the LAW OFFICE OF GARY M. LANDAU, P.A. is ready to work with you.
Call our office at (954) 979-6566 or complete our online form today to schedule a free consultation. We work with our clients in person, over the phone, or on Zoom.
The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction.
LAW OFFICE OF GARY M. LANDAU, P.A.
7401 Wiles Road, Suite 204
Coral Springs, FL 33067
(954) 979-6566
https://www.garylandau.com/