Essential Estate Planning Guide: Life Events, Legal Updates & Key Considerations in Florida

When should I review or update my estate plan?

Key life events that warrant an estate plan review include new marriages, divorces, or having children. These situations introduce new parties or remove existing ones from your planning considerations. For example, if an ex-spouse is listed as a beneficiary in your will, you may want to update it to reflect your current wishes, whether that's designating a new spouse or your children as beneficiaries.

What's the difference between a personal representative and executor in Florida?

A personal representative is someone specifically named in your will to handle your estate. An executor is appointed by the probate court when someone passes away without a plan. Both roles serve similar functions, but the key difference lies in who makes the appointment - you or the court.

How does marriage or divorce affect my existing estate plan?

Marriage often requires updating your estate plan to potentially include your new spouse as a personal representative or beneficiary. Similarly, divorce may necessitate removing an ex-spouse from your documents. While some people maintain their ex-spouse in their plans due to trust or circumstances, most prefer to remove them, especially after contentious divorces.

What estate planning considerations are important for new parents?

New parents should focus on guardianship nominations and healthcare powers of attorney for their minor children. This includes both long-term and short-term guardian designations. Short-term guardians are crucial when long-term guardians live far away, preventing children from temporary placement with strangers or child protective services. Additionally, consider trust arrangements to manage assets until children reach appropriate ages.

What steps should I take when purchasing major assets?

When buying a home, ensure both spouses are listed on the deed, not just the mortgage. If you have a trust, transfer the house title to the trust to avoid probate. Many people overlook "trust funding" - the process of moving assets under trust control - which can render their trust planning ineffective.

How should I handle beneficiary designations during life transitions?

Review and update beneficiary designations on financial accounts, investments, and insurance policies during major life changes. These designations override will provisions, so outdated beneficiary forms can derail your intended asset distribution, especially after events like divorce.

What should I consider for incapacity planning?

Establish both financial and healthcare powers of attorney. A durable power of attorney handles financial decisions, while a healthcare surrogate manages medical choices if you're incapacitated. Despite common belief, spouses can't automatically make these decisions without proper documentation in Florida, as demonstrated by the Terry Schiavo case.

What are common estate planning oversights?

Frequent oversights include failing to update beneficiary designations, leaving spouses off property deeds, and not considering short-term guardianship for minor children. Comprehensive estate planning should address various scenarios and potential situations to ensure complete protection for your family and assets.