In today’s blog post in our ongoing series on basic questions about estate plans, we are going to answer the question of what a basic state plan in Florida looks like. For most people who want to create an estate plan, having an idea of the kinds of tools you will have to create before beginning the process is always a good idea. As long as you understand what each of these tools do, and why you are creating them, understanding the pieces you will have to create will make it much easier to follow along with the planning process you go through. Here’s what you should know about basic estate plans in Florida.
What will my basic estate plan have to include?
Though no two plans are ever identical, your plan will rely on the same basic tools that almost everyone’s plan includes.
- Last Will and Testament. One of the most essential basic estate plan tools available, as well as one of the most important, is the last will and testament. Your will serves as a foundational piece of your plan, allowing you to answer some vital questions about inheritances, guardians, and more. Wills only take effect after you die, and as long as you remain mentally competent, you can change them when you like.
- Powers of Attorney. A power of attorney, unlike a will, gives you the ability to control your estate while you are still alive. Through your power of attorney you can appoint others to manage your affairs on your behalf. Those others, known as your agents, can begin managing your affairs immediately, or you can choose to only allow them to manage your affairs if you become incapacitated.
- Medical Directives. Should you become incapacitated you will also need advance medical directives that control the kinds of health care your physicians provide you. Medical directives can include choosing agents to make choices on your behalf, but can also allow you to make specific choices now, while you are still able.
- Revocable Living Trust. Though not necessary for everyone, many people will have to create a revocable living trust. These trusts will not only allow you more inheritance planning options, but will also allow you to keep many of your estate planning decisions private.
How long does it take to create a basic estate plan in Florida?
There is no way to tell how long it will take to create your basic estate plan until you come talk to us. Once we talk to you about what you want out of your plan, what you are willing to do, and what goals you have, we can then advise you about the tools you need to create. If you haven’t already done so, schedule an appointment to come talk to us about your Florida estate plan as soon as possible.