When preparing your will, consider signing the following additional documents:
Living Will: Florida statutes allow individuals to make a written declaration specifying their preferences regarding life-prolonging procedures.

Durable Power of Attorney: This document enables someone to manage your property and financial affairs if you become incapacitated, without the need for a court-appointed guardianship. It is especially useful for paying bills and protecting assets. Note that a power of attorney is no longer valid after your death.

Health Care Surrogate: Florida law permits you to designate someone to make healthcare decisions on your behalf if you are unable to do so. This designation includes the authority to decide when to withdraw medical procedures.

Pre-Need Guardian Designation: Florida law allows you to indicate your wishes that a particular person will serve as your guardian if you become incapacitated, and/or to serve as the guardian for minor children.

A power of attorney usually terminates if the principal becomes incapacitated unless it is a durable power of attorney. A durable power of attorney generally remains effective even if the principal becomes incapacitated. However, certain exceptions specified in Florida law restrict the use of a durable power of attorney for an incapacitated principal. The document must include special wording to ensure the power survives the principal’s incapacity.

In certain situations, your homestead property can be transferred to your trust. However, most Florida counties have specific requirements to maintain the homestead tax exemption, which may necessitate special language in both the trust agreement, certificate of trust, and the deed. It is advisable to consult an attorney to determine if placing your homestead in your trust is appropriate and to understand the requirements for a valid transfer.

A revocable trust avoids probate by transferring your assets to the trustee during your lifetime, eliminating the need for the probate process to transfer assets after your death. The trustee immediately gains the authority to manage the trust assets upon your death, without needing court appointment.

Properly “funding” a revocable trust is crucial to avoiding probate. If the trust is not fully funded, both probate administration for non-trust assets and trust administration may be required to distribute all assets. To address any assets that may still go through probate, a “pour-over” will can be used to transfer these assets to the trust after death.  Anytime you are considering a trust you should speak with an attorney to understand whether a trust is a good fit and if so, what type of trust may be a good fit for your goals and assets.

A revocable trust, also known as a trust agreement, is a legal document created to manage your assets during your lifetime and distribute them after your death. The individual who creates the trust is referred to as the grantor or settlor. The trustee is the person or entity responsible for managing the trust assets. You can serve as the trustee or appoint another person, bank, or trust company to do so. The trust is revocable because you can modify or terminate it at any time during your lifetime, provided you are not incapacitated.

During your lifetime, the trustee invests and manages the trust property. Revocable trust agreements typically allow the grantor to withdraw money or assets from the trust at any time and in any amount. If you become incapacitated, the trustee is authorized to continue managing your trust assets, pay your bills, and make investment decisions, potentially avoiding the need for a court-appointed guardian of your property. This is one of the advantages of a revocable trust.

Upon your death, the trustee (or your successor if you were the initial trustee) is typically responsible for paying all claims and taxes, and then distributing the assets to your beneficiaries as outlined in the trust agreement.

To fully benefit from a trust, assets are formally transferred to the trust before your death. This process, known as “funding” the trust, involves changing the ownership of assets to the trust. Assets not properly transferred to the trust may be subject to probate. However, certain assets should not be transferred to a trust due to potential income tax issues and other considerations. You can consult with an attorney, tax advisor, and investment advisor to determine if your assets are appropriate for trust ownership.

A trust is often used in addition to a will. This is because a trust can only manage the property that has been transferred into it. Any property not placed in the trust during your lifetime or at your death is generally not controlled by the trust. A properly drafted will governs the distribution of all property in your name at the time of death that doesn’t otherwise pass to a beneficiary automatically.

Trusts can be beneficial for expediting administration if they are correctly drafted and funded during your lifetime with the intended property.