Estate Planning Essentials: How to Secure Your Family’s Future

Many people do not have an estate plan at all. More than 60% of U.S. adults do not even have a will, let alone other estate planning documents (AARP). It is a major issue because everyone should have a comprehensive estate plan in place. Estate planning helps to protect yourself, your finances, and your family. A challenge is that many people do not even know where to get started with estate planning. It is a big topic. At The Law Offices of Odelia Goldberg, we are here to handle all of the estate planning essentials. Here, our Fort Lauderdale estate planning attorney provides a guide to securing your family’s future in Florida. 

Know the Estate Planning Essentials: Your Checklist to Secure Your Family’s Future 

• Will

A last will and testament is considered the foundation of a comprehensive estate plan. While a last will does not avoid probate, the last will does provide instructions to the Judge if your estate is in probate.  If you do not have a last will, the Judge will fill in the gaps with the Florida statutes.  If you do not have a will, it is time to write one. If you have a will that is out of date, it is time to review and revise the document. You can use your will to determine how your property and assets will be distributed after your passing. It can also be used to name an executor for your estate and to appoint a guardian for any minor children. In Florida, a will must meet specific requirements to be enforceable, including being signed in the presence of two witnesses. Your will can also name a guardian for minor children and appoint a personal representative. 

• Power of Attorney

You can also protect yourself (and your family) with a power of attorney (POA). Incapacity planning is an important part of estate planning. Not only does it provide legal protection to you, but it also takes a lot of the stress and pressure off your family. As part of your estate plan, you should designate someone you trust to manage your financial affairs if you become incapacitated. In Florida, a durable power of attorney remains valid even if you lose capacity. Your agent (the person whom you grant your POA) can handle bank accounts, property, and other critical financial and legal matters. You must execute this document while competent for it to be valid. 

• Living Will

If you have specific wishes related to medical care, especially end-of-life care, you need to draft a living will. Also known as an advance directive, a living will is a legally enforceable document that allows a person to predesignate their health care wishes for potential future circumstances in which they will not be able to give input directly due to temporary or permanent incapacity. You do not want to leave your family in the difficult position of trying to make decisions on your behalf. Without a living will, your actual medical wishes may not be respected. Further, disputes can arise between your closest loved ones. 

• Beneficiary Designations

Beneficiary designations are another key estate planning tool. You should review and update your beneficiary designations on accounts like life insurance, retirement plans, and payable-on-death bank accounts. In Florida, these designations allow for transfers outside of probate. If you fail to set them up or update them, that could create problems for your family. In some cases, unintended outcomes, such as ex-spouses or outdated heirs receiving your funds, could happen. 

• Trust(s)

Although not necessary for every family, many people in Florida, including many middle-class families, can benefit from setting up a trust. Trusts are especially useful and a great tool for blended families, minor children, or individuals with special needs. You can tailor a Florida trust to fit your goals and modify it as your circumstances change. A Fort Lauderdale, FL, estate planning lawyer can help you determine if a trust is right for you and your family. 

A lady bird deed (also known as an enhanced life estate) is a document that allows the property owner to retain full control of their property during their lifetime but upon death, transfers the property to the named individual(s).  The lady bird deed allows us to avoid a probate on a property without the formality of a trust.

• Inventory

If you want to get ahead of the game in estate planning, it is a good idea to create a comprehensive inventory of your property, assets, and debts. Doing so is one of the best ways to ensure that things are as easy as possible for your family. Further, a well-prepared inventory of assets will ensure that nothing important is missed during the probate and estate administration process. 

Why Trust Florida Estate Planning Lawyer Odelia Goldberg 

Estate planning is complicated. It is normal to have a lot of questions about your rights, your options, and what comes next. As an experienced Florida estate planning attorney, Odelia Goldberg provides solutions-focused guidance and support. You can rely on our firm for top-tier estate planning representation. We will help to make sure that you have all of the essentials in place. Your initial consultation with our Fort Lauderdale estate planning attorney is strictly private and carries no additional obligations. We will take the time to sit down with you, hear your story, and help you understand what you need to do to develop a comprehensive estate plan.  

Call Our Fort Lauderdale Estate Planning Lawyer Today

At The Law Offices of Odelia Goldberg, our Fort Lauderdale estate planning attorney is committed to helping clients secure their family’s future through a proactive, personalized plan. If you have any questions about your rights or your options, we are here to help. Contact us today for a fully confidential, no-obligation initial consultation. With an office in Fort Lauderdale, we provide estate planning representation throughout the broader region in South Florida. bligation initial consultation. With an office in Fort Lauderdale, we provide estate planning representation throughout the broader region in South Florida.