Florida Estate Planning Checklist

Florida Estate Planning Checklist:
A properly drafted estate plan under Florida law will determine how assets transfer after death,
who can make financial or medical decisions on behalf of someone, incapacitated but alive,
and whether or not probate proceedings are necessary. State statutes, including the Florida
Trust Code and the Florida Probate Code, govern these processes, setting legal requirements
for wills, trusts and powers of attorney for health or medical purposes.
Estate planning secures financial and legal arrangements for an individual’s wealth and
responsibilities. An “estate” includes all assets held by an individual such as real property, bank
accounts, investments, business interests, and personal possessions. Every Will in the state of
Florida must go through the court process known as Probate. The complexity of the process
varies based on the size of the estate and the assets to be administered. Florida law offers
streamlined options like summary administration for qualifying cases (Florida Statutes Section
735.201), potentially reducing costs and time. A well-structured estate plan, however, can
eliminate the need for probate entirely, easing the burden placed upon loved ones during this
often stressful and difficult time. In the event someone dies without a Will or Trust, Florida law
imposes strict guidelines on the distribution of assets pursuant to the laws of intestate
succession as outlined in Florida Statutes Section 732.101.,

Inventory of Assets and Debts
It’s always important to keep good records including a complete inventory of your assets and
debts. Whether incapacitated during lifetime or after your death, keeping good records can
substantially reduce the workload for your decision makers by simplifying asset distribution and
preventing disputes with family members and beneficiaries, especially if probate is required.
Steps to Begin the Estate Planning Process
● Compile a detailed list: Include real estate, vehicles, jewelry, collectibles, and personal
valuables and determine type of ownership (i.e. individual, joint or in trust)
● Gather supporting documents: Deeds, titles, and ownership certificates confirm legal
ownership.
● Determine approximate fair market value. If making gifts, engage professional
appraisers to determine value.
● Record financial accounts: Bank accounts, investment portfolios, and retirement funds
should be listed with account details.
● Document life insurance policies: Note policy numbers, beneficiary designations, and
payout values.
Importance of Identifying All Debts Owed

Settling debts plays a significant role in estate administration, preventing delays and legal
complications. Outstanding liabilities reduce estate value, impacting heirs and beneficiaries.
● Identify mortgages and home equity loans: List outstanding balances and lender
information.
● Include personal loans and credit cards: Note amounts owed, creditor names, and
payment schedules.
● Account for business liabilities: If applicable, list business loans, obligations, and
partnership agreements.
● Consider tax obligations: Outstanding income taxes, property taxes, or estate taxes
should be noted.
● Review co-signed obligations: Loans guaranteed for another party may create financial
responsibilities for the estate.
Types of Assets to Consider
Beyond tangible and financial assets, modern estate planning must account for digital and
intellectual properties.
● Digital assets: Online bank accounts, cryptocurrency holdings, cloud storage files, and
domain names require secure documentation.
● Intellectual property: Patents, copyrights, trademarks, and royalties generate revenue
that should be accounted for.
● Business ownership stakes: Shares in private companies or partnerships should be
addressed in succession planning.
● Retirement and pension plans: 401(k)s, IRAs, annuities, and other deferred
compensation plans must be included.
Designation of Beneficiaries
Outlining the Process for Designating Beneficiaries
Assigning beneficiaries determines who inherits specific assets upon death. Florida law allows
individuals to name beneficiaries on financial accounts, retirement plans, life insurance policies,
and certain trusts. Beneficiary designations override instructions in a will, making them a direct
way to transfer assets.
The process involves completing designation forms provided by financial institutions or
insurance companies. Forms require the full legal name of each beneficiary, relationship to the
account holder, and percentage allocation of assets. Some accounts allow contingent
Legal Process for Establishing Guardianship in Florida
Florida follows a legal process to formalize guardianship, ensuring the appointed individual
meets state requirements. The process consists of several key steps:

● Petition for Appointment: A prospective guardian files a petition with the circuit court in
the county where the minor or incapacitated individual resides. The petition includes
personal details, the relationship to the dependent, and reasons for seeking
guardianship.
● Evaluation and Background Check: The court may require a background check, home
study, and financial assessment to verify the guardian’s suitability.
● Hearing and Court Approval: A judge reviews evidence, hears testimony, and
determines whether guardianship serves the individual’s best interests. If approved, the
court issues a guardianship order granting legal authority.
● Ongoing Court Oversight: In cases of guardianship over an incapacitated adult, Florida
law mandates periodic reporting and financial accountings to ensure proper
management of assets and welfare.
Planning guardianship arrangements in advance eliminates uncertainty, ensuring a clear path
for dependents’ future care. Florida law provides structured legal protections, allowing
responsible individuals to assume guardianship without unnecessary delay or dispute.
Tax Implications and Estate Taxes
Federal and Florida-Specific Estate Tax Considerations
Florida does not impose a state estate tax or inheritance tax. However, federal estate tax laws
still apply. For 2024, the federal estate tax exemption is $13.61 million per individual, meaning
estates valued below this threshold owe no federal estate tax. For married couples, proper
planning can effectively double this exemption to $27.22 million through portability.
Estates exceeding the exemption amount face a progressive federal tax rate, which starts at
18% and reaches 40% for values above $1 million over the exemption limit. Additionally, lifetime
gifts affect the available estate tax exemption under the unified gift and estate tax system.
Strategies for Minimizing Estate Tax Liability
● Annual Gift Exclusion: Giving up to $18,000 per recipient in 2024 without affecting the
lifetime exemption.
● Irrevocable Trusts: Transferring assets to trusts like irrevocable life insurance trusts
(ILITs) removes them from the taxable estate.
● Charitable Giving: Donating to charities through charitable remainder trusts (CRTs) or
direct bequests reduces taxable estate value.
● Family Limited Partnerships (FLPs): Structuring asset ownership within an FLP allows
discounts for valuation, lowering taxable amounts.
● Portability Election: Filing IRS Form 706 within nine months of a spouse’s death
preserves unused exemption for the surviving spouse.
Consulting with Tax Professionals

Estate tax laws can change, impacting long-term planning. A tax professional or estate planning
attorney ensures compliance with current laws while maximizing tax-saving strategies.
Reviewing the estate plan periodically avoids unintended liabilities and aligns with evolving
financial goals.
Asset Protection Strategies
Techniques for Protecting Assets from Creditors and Legal Judgments
Florida law provides several legal mechanisms to shield assets from creditors and lawsuits.
Homestead protection under Article X, Section 4 of the Florida Constitution exempts a primary
residence from forced sale by most creditors. This unlimited protection applies to properties of
up to half an acre within a municipality and up to 160 acres in unincorporated areas.
Asset titling can also enhance protection. Tenancy by the Entirety (TBE), available exclusively
to married couples, prevents one spouse’s creditors from seizing jointly owned property. Florida
also offers statutory exemptions for life insurance proceeds and annuities, safeguarding these
assets from creditors in most cases.
● Homestead Exemption: Protects primary residences from most creditors.
● Tenancy by the Entirety (TBE): Shields jointly owned assets from individual creditors.
● Life Insurance and Annuities: Statutorily exempt from creditor claims.
● Florida’s IRA and 401(k) Protection: Retirement accounts receive broad protection under
state law.
Use of Trusts and Other Legal Instruments for Asset Protection
Trust structures provide an additional layer of protection when properly designed. A Florida
irrevocable trust shields assets from personal creditors, provided the grantor relinquishes
control. In contrast, revocable living trusts do not provide significant asset protection since
grantors retain access and control.
Domestic asset protection trusts (DAPTs) are not explicitly recognized under Florida law, but
individuals looking for additional protection often establish them in states that allow them, such
as Nevada or Delaware. Additionally, Florida’s spendthrift trusts prevent beneficiaries’ creditors
from claiming future distributions.
● Irrevocable Trusts: Effectively remove assets from an estate, limiting creditor access.
● Revocable Living Trusts: Offer estate management benefits but do not protect assets
from creditors.
● Spendthrift Trusts: Prevent beneficiaries’ creditors from seizing trust assets.
● Family Limited Partnerships (FLPs) and LLCs: Restrict creditors’ access to business
assets through ownership structure.
Common Pitfalls to Avoid in Asset Protection Planning

Improper timing and execution of asset protection strategies can lead to unintended legal
consequences. Fraudulent transfers, governed by the Florida Uniform Fraudulent Transfer Act
(FUFTA), occur when assets are transferred with intent to hinder, delay, or defraud creditors.
Courts can reverse such transfers, making assets accessible to creditors.
Overlooking statutory limits also creates risks. Relying on asset protection after a lawsuit or
claim arises rarely succeeds. Courts scrutinize transfers occurring after litigation threats.
Additionally, placing assets in joint ownership without proper structuring may expose them to
liabilities from co-owners.
● Fraudulent Transfers: Courts can void asset transfers designed to defraud creditors.
● Delayed Implementation: Asset protection must be structured before a lawsuit or claim
arises.
● Misuse of Revocable Trusts: These do not protect against creditor claims, despite
common misconceptions.
● Improper Titling of Assets: Joint ownership may unintentionally expose assets to legal
claims.
Digital Asset Management in Florida Estate Planning
Incorporating Digital Assets into Your Estate Plan
Digital assets hold significant monetary and sentimental value. Florida law recognizes the
importance of these assets in estate planning, allowing fiduciaries limited access under the
Florida Fiduciary Access to Digital Assets Act (FFADAA). Without clear instructions, online
accounts and digital properties may become inaccessible to heirs.
Common digital assets include:
● Financial accounts such as PayPal, Venmo, and cryptocurrency wallets
● Social media profiles on Facebook, Instagram, and Twitter
● Email accounts containing sensitive communications and personal records
● Online businesses, including e-commerce stores and affiliate programs
● Digital media such as photos, videos, and music collections
Listing these assets in an estate plan ensures designated individuals receive the necessary
legal authority to manage or transfer them appropriately.
Best Practices for Managing and Bequeathing Digital Assets
Handling digital property effectively requires strategic management. Several steps streamline
this process:
● Maintain an up-to-date inventory of all digital accounts, including login credentials.
● Use platforms’ built-in legacy management tools, such as Facebook’s Legacy Contact
and Google’s Inactive Account Manager.

● Clearly outline authorization and instructions in a will or estate plan, ensuring compliance
with provider agreements.
● Designate a trusted digital executor who understands technology and can navigate
digital platforms.
● Regularly update access permissions to reflect changes in digital ownership and
preferences.
Failing to address digital asset management risks loss of financial investments and personal
information.
The Importance of Including Access Information Securely
Providing access details without compromising security is essential. Password managers help
organize credentials while ensuring controlled access for fiduciaries. Securely store login details
in a separate document or a digital vault, and reference its location within the estate plan.
Legal documents should direct executors on how to retrieve login credentials without including
them explicitly in a will, which becomes a public record upon probate. A combination of written
instructions and secure storage guarantees orderly asset transition without exposing sensitive
data.
Periodic Review and Updating of Estate Plan
Timing and Triggers for Reviewing Your Estate Plan
Estate plans require regular evaluations to remain effective. A comprehensive review every
three to five years ensures that documents reflect current financial circumstances and legal
updates. In addition to scheduled reviews, certain life events demand immediate revisions.
Changes in state or federal laws affecting estates, alterations in financial status, or modifications
in beneficiary designations necessitate prompt adjustments.
Major shifts in estate and tax laws often influence planning strategies. Florida law evolves, and
legislative changes can impact wills, trusts, and beneficiary designations. Periodic reviews
prevent outdated provisions from causing complications during execution.
Updates Based on Life Changes
Life events significantly impact estate plans. Key occurrences that require immediate updating
include:
● Marriage or Divorce: Spousal status changes impact inheritance rights, beneficiary
designations, and asset distribution preferences. A new marriage may require adding a
spouse as a beneficiary, while a divorce necessitates removing an ex-spouse from
documents.
● Birth or Adoption: Adding children to a will or trust ensures their financial protection. A
guardian designation for minors should also be in place.

● Death of a Beneficiary or Fiduciary: If a named beneficiary or executor dies, updating
documents prevents unintended asset distribution and administration complications.
● Relocation to Another State: Moving affects estate planning due to varying state laws.
Florida residents must ensure compliance with the state’s statutes to maintain the
validity of legal documents.
● Significant Changes in Assets: Selling property, acquiring substantial wealth, or starting
a business necessitates a reassessment of asset distribution strategies.
Ensuring All Documents Reflect Current Laws and Personal Circumstances
Florida estate planning laws influence the enforceability and effectiveness of legal documents.
Trust structures, tax obligations, and durable power of attorney designations should adhere to
current legislation. Routine legal reviews ensure compliance with Florida statutes, avoiding
invalid provisions that may lead to probate challenges.
Beneficiary designations on retirement accounts, life insurance policies, and payable-on-death
accounts must align with the overall estate plan. Inconsistencies between these accounts and a
will or trust can create conflicts, leading to unintended asset distribution.
Periodic consultations with an estate planning attorney help maintain a legally sound plan. A
professional review identifies misaligned documents, obsolete provisions, and areas requiring
updates, ensuring efficient asset transfer and legal protection for heirs.
Probate and Estate Administration Process
Understanding the Probate Process in Florida
Probate in Florida is the legal process governing the administration of a deceased person’s
estate. It involves validating the will (if there is one), identifying and gathering assets, paying
debts and taxes, and distributing remaining assets to beneficiaries. Florida law categorizes
probate into two primary types: formal administration and summary administration.
● Formal Administration: Required when the estate’s value exceeds $75,000 or when the
decedent has been dead for less than two years. This process involves court-supervised
estate administration, which includes appointing a personal representative (executor).
● Summary Administration: Available if the value of the estate is $75,000 or less or when
the decedent has been deceased for more than two years. This process speeds up
asset distribution and eliminates the need for a personal representative.
In cases where no valid will exists, Florida’s intestacy laws determine asset distribution. The
probate court designates heirs according to a statutory order of priority, typically favoring
spouses and direct descendants.
Strategies for Easing Probate for Beneficiaries
Proper estate planning minimizes the complexity of probate. Several strategies help to
streamline the process and reduce costs:

● Establishing a Living Trust: Assets placed in a revocable living trust bypass probate and
transfer directly to beneficiaries.
● Joint Ownership with Rights of Survivorship: Property titled as joint tenants with rights of
survivorship (JTWROS) or tenants by the entirety (for spouses) passes automatically to
the surviving owner.
● POD and TOD Designations: Naming beneficiaries for bank accounts (Payable on
Death, or POD) and securities (Transfer on Death, or TOD) ensures direct transfers
outside probate.
● Effective Will Drafting: A properly executed and updated will reduces legal challenges
and disputes.
● Designated Beneficiary Accounts: Retirement accounts, life insurance policies, and
annuity contracts with named beneficiaries pass directly to those individuals.
Implementing one or more of these strategies decreases legal fees and accelerates asset
distribution.
Steps in Estate Administration
Administering an estate involves multiple steps, with the personal representative (executor)
responsible for ensuring proper resolution. The process follows these key phases:
● Filing the Petition: The probate process begins when the personal representative files a
petition with the appropriate Florida circuit court.
● Appointment of Personal Representative: The court issues Letters of Administration,
granting the executor authority to manage estate affairs.
● Notice to Creditors: The personal representative must publish a notice for creditors,
allowing them to submit valid claims within the statutory period (typically three months
for formal administration).
● Inventorying Estate Assets: All probate assets must be identified, valued, and, when
necessary, appraised.
● Paying Debts and Taxes: The estate settles all outstanding liabilities, including funeral
costs, creditor claims, and applicable estate taxes.
● Distribution of Assets: After approval by the court, remaining assets are transferred to
beneficiaries according to the will or Florida intestacy laws if no will exists.
● Closing the Estate: Once all requirements are fulfilled, the personal representative files
final reports, and the court formally closes the probate case.

The duration of probate administration varies. A summary administration may conclude within a
few months, while formal probate with complex claims can extend beyond a year.
Charitable Giving and Philanthropy in Florida Estate Planning

Incorporating Charitable Giving into Your Estate Plan
Directing assets to charitable organizations ensures that financial resources support meaningful
causes beyond an individual’s lifetime. Florida law allows multiple methods of incorporating
philanthropy into an estate plan, including direct bequests in a will, charitable trusts, and
beneficiary designations on retirement accounts.
A charitable bequest, included in a will or revocable trust, transfers a specific amount,
percentage, or asset type to a designated nonprofit upon death. Naming a charity as a
beneficiary of an IRA or 401(k) allows tax-efficient transfers, reducing potential income taxes for
heirs. Charitable trusts, such as charitable remainder trusts (CRTs) and charitable lead trusts
(CLTs), provide structured giving strategies with potential tax advantages.
Tax Benefits and Considerations for Philanthropic Endeavors
Florida residents utilizing charitable contributions in estate planning may reduce estate tax
liabilities and income taxes for heirs. While Florida does not impose a state estate tax, federal
estate tax regulations affect high-net-worth estates. In 2024, the federal estate tax exemption
stands at $13.61 million for individuals and $27.22 million for married couples.
● Charitable Bequests: Assets allocated to qualified charitable organizations are exempt
from estate tax.
● Charitable Remainder Trusts (CRTs): These trusts provide income to beneficiaries
before transferring remaining assets to charities, offering an immediate charitable
deduction.
● Charitable Lead Trusts (CLTs): Assets generate income for charities during a set term
before transferring to heirs, reducing estate tax obligations.
● Donor-Advised Funds (DAFs): Contributions to DAFs allow immediate tax deductions
while granting flexibility in selecting beneficiaries over time.
Options for Structured Giving
Estate planners can establish multiple vehicles to facilitate structured charitable giving. The
selection depends on financial goals, desired tax treatment, and level of control over donated
funds.
● Private Foundations: These independent legal entities provide long-term charitable
giving opportunities, allowing families to engage in philanthropy with governance control.
● Charitable Gift Annuities: Donors receive a fixed income for life in exchange for
transferring assets to a charity, with remaining funds benefiting the organization upon
the donor’s passing.
● Pooled Income Funds: Similar to mutual funds, these allow donors to contribute assets
to a collectively managed charitable investment pool, generating income for beneficiaries
and eventual charitable distribution.

Choosing the right philanthropic strategy requires evaluating tax implications, financial
objectives, and the intended legacy. Strategic estate planning ensures that charitable donations
maximize impact while optimizing tax benefits for both donors and heirs.
Consultation with Estate Planning Professionals
Expert Guidance for a Comprehensive Estate Plan
Estate planning involves legal, financial, and personal considerations that require precise
execution. Florida law has specific requirements for wills, trusts, and advance directives that can
significantly impact the validity and effectiveness of an estate plan. Consulting with an estate
planning professional ensures compliance with these regulations and provides strategic advice
on asset distribution, tax advantages, and protective measures.
Finding a Qualified Estate Planning Attorney in Florida
Not all attorneys specialize in estate planning. Florida Bar certification in wills, trusts, and
estates identifies attorneys with expertise in this field. Other indicators of experience include
membership in the American College of Trust and Estate Counsel (ACTEC) or board
certification in estate planning and probate law.
Use these resources to find a qualified professional:
● Florida Bar Association Directory – Lists licensed attorneys and their areas of practice.
● ACTEC’s Official Website – Provides a directory of fellows recognized for their expertise.
● Local and Regional Bar Associations – Many provide lawyer referral services.
● Client Reviews and Referrals – Recommendations from trusted sources offer insight into
an attorney’s effectiveness.
Preparing for Your Estate Planning Consultation
A productive consultation requires organization. Before meeting with an attorney, gather
relevant documents and information:
● Asset and Debt List – Provide an updated inventory, including real estate, investments,
business interests, and liabilities.
● Beneficiary Information – Name key individuals and organizations that will inherit assets.
● Existing Estate Planning Documents – Bring any current wills, trusts, powers of attorney,
and advance directives.
● Key Questions – Outline specific concerns, such as tax-efficient strategies, probate
avoidance, or asset protection.
A well-prepared consultation allows an attorney to offer tailored advice and efficient solutions.
Thorough planning ensures smoother estate administration and legal clarity for all involved.

Finalizing Your Florida Estate Plan
A well-structured estate plan ensures assets are distributed according to personal wishes while
minimizing legal complications. This checklist has covered critical steps, from identifying assets
and debts to structuring wills, trusts, and advanced directives. Each element serves a distinct
purpose in protecting both financial and healthcare interests.
Taking proactive steps now prevents unnecessary stress for loved ones later. Designating
beneficiaries, securing durable power of attorney, and managing digital assets create a clear
roadmap for asset distribution and decision-making authority. Periodic reviews keep plans
relevant as laws change and personal circumstances evolve.
Connecting with an estate planning professional strengthens the strategy. Legal guidance
clarifies tax implications, probate processes, and asset protection methods. An expert can also
tailor charitable giving strategies and refine estate structures to align with long-term goals.
Start Planning Today
Review your current estate documents and identify any gaps.
Consult with a qualified estate planning attorney to ensure compliance with Florida laws.
Share this checklist with family members and peers who may also benefit from a
comprehensive estate plan.
Estate planning provides clarity, security, and confidence for the future. Begin the process today
and establish a plan that protects what matters most.