A Florida estate plan helps ensure that your wishes for the future come to fruition after you are no longer around to see to it. When you die without having created an estate plan, the responsibility of distributing your assets and tying up other loose ends falls on the state. This may create hardships and delays for your intended beneficiaries, and it may also lead to other problems.
However, Bankrate notes that you should be able to avoid these and other issues associated with dying “intestate,” or without a will and estate plan, by formulating an estate plan that includes three basic elements: a will, a power of attorney and an advanced medical directive.
Use your will to outline who you want to take ownership of your money and assets when you die. If you have minor children, you may also want to designate someone to serve as their guardian in the event of your death in your will.
The power of attorney
Giving someone power of attorney gives them the ability to manage your financial affairs and tie up any related loose ends accordingly. You have some discretion over how much power you want to give the individual you give power of attorney.
The advance medical directive
There are several types of advance health care directives recognized in Florida, including the living will and the designation of a health care surrogate. These legal documents give you a chance to dictate your wishes with regard to your health care, should you suffer incapacitation.
Contrary to popular belief, your estate plan does not have to take a lot of time or money to complete, and even simple state plans go a long way as far as helping you accomplish your estate planning goals.