Estate Planning Checklist for Miami, Florida Residents

A thorough estate plan does more than decide who gets what after you die. It protects your family during your lifetime if you become incapacitated, minimizes the cost and delay of transferring assets, shields your estate from unnecessary taxes and creditor claims, and ensures your wishes are honored. Florida has specific laws governing homestead property, elective share rights, and probate procedures that make state-specific planning essential.

At the Law Offices of Albert Goodwin, PA, we help Florida residents build comprehensive estate plans that address every critical area. The following checklist covers the essential documents, decisions, and steps that every Florida resident should consider.

Core Estate Planning Documents

1. Last Will and Testament

Your will is the foundation of your estate plan. In Florida, a valid will must be in writing, signed by the testator in the presence of two attesting witnesses, and the witnesses must sign in the presence of the testator and each other. Florida does not recognize holographic (handwritten, unwitnessed) wills executed in Florida. Your will should address:

Designation of a personal representative (executor) and an alternate
Distribution of assets to named beneficiaries
Specific bequests of personal property, real estate, or cash
Residuary clause covering all assets not specifically mentioned
Designation of a guardian for minor children, if applicable
Waiver of the surety bond requirement for the personal representative
Direction on whether the personal representative has the power to sell real property without court approval

2. Revocable Living Trust

A revocable living trust is the most effective tool for avoiding probate in Florida. You create the trust during your lifetime, transfer assets into it, and name yourself as trustee. Upon your death or incapacity, your successor trustee manages and distributes trust assets according to your instructions without any court involvement. Your trust checklist should include:

Naming a successor trustee and alternate successor trustee
Funding the trust by retitling assets (real estate, bank accounts, investment accounts) in the trust's name
Coordinating the trust with your pour-over will, which directs any probate assets into the trust
Including provisions for incapacity management
Specifying distribution terms for beneficiaries (outright, staggered, conditional)
Addressing special needs beneficiaries through sub-trust provisions if applicable

3. Durable Power of Attorney

A durable power of attorney designates someone to handle your financial and legal affairs if you become incapacitated. Under Florida's Durable Power of Attorney Act (F.S. Chapter 709), the document must be signed by you in the presence of two witnesses and a notary public. Key decisions include:

Choosing an agent you trust completely with your finances
Naming a successor agent in case your primary agent cannot serve
Deciding which powers to grant (banking, real estate, tax matters, business operations, gifting)
Determining whether the power of attorney is effective immediately or only upon your incapacity (springing power)
Including specific authorizations for gifting, trust funding, and beneficiary designation changes if desired

4. Healthcare Surrogate Designation

Under F.S. § 765.202, a healthcare surrogate designation allows you to name someone to make medical decisions on your behalf if you are unable to do so. This document should be separate from your living will and should address:

Naming a primary healthcare surrogate and an alternate
Specifying whether the surrogate's authority begins immediately or only upon your incapacity
Granting the surrogate access to your medical records under HIPAA
Expressing your general wishes regarding medical treatment to guide the surrogate's decisions

5. Living Will (Advance Directive)

A living will under F.S. § 765.303 expresses your wishes regarding life-prolonging procedures if you have a terminal condition, end-stage condition, or are in a persistent vegetative state. Your living will should address:

Whether you want life-prolonging procedures continued or withheld
Whether you want artificially provided nutrition and hydration
Your wishes regarding palliative care and pain management
Any specific medical treatments you want or do not want

6. HIPAA Authorization

The Health Insurance Portability and Accountability Act restricts who can access your medical information. A HIPAA authorization form gives designated individuals the right to communicate with your healthcare providers and access your medical records. Without this authorization, even close family members may be unable to obtain information about your condition.

Florida-Specific Considerations

7. Homestead Property Planning

Florida homestead has unique constitutional protections that significantly affect estate planning. Your checklist for homestead should include:

Understand devise restrictions: If you are survived by a spouse or minor child, you cannot freely devise your homestead property to anyone other than those protected persons. A devise that violates these restrictions is void.
Consider a life estate: If you want your spouse to remain in the home while ultimately passing it to children from a prior marriage, a life estate arrangement may achieve this goal, though it comes with its own complications.
Evaluate a lady bird deed: An enhanced life estate deed (lady bird deed) allows you to transfer homestead property at death while retaining full control during your lifetime, avoiding probate for the property.
Coordinate homestead with your trust: Transferring homestead into a revocable living trust requires careful drafting to preserve the homestead exemption from property taxes and creditors.
Review the property tax implications: Homestead property in Florida receives a significant property tax exemption and is protected by the Save Our Homes cap on assessment increases. Improper estate planning can result in the loss of these benefits.

8. Elective Share Planning

Under Florida law, a surviving spouse is entitled to an elective share equal to 30% of the elective estate, which includes not only probate assets but also certain non-probate transfers. Your estate plan should account for the elective share to avoid unintended consequences, particularly in blended families.

9. Beneficiary Designations

Beneficiary designations on financial accounts override your will. Review and update the following:

Life insurance policies
Retirement accounts (IRAs, 401(k)s, 403(b)s, pensions)
Annuities
Payable-on-death (POD) bank accounts
Transfer-on-death (TOD) brokerage accounts
Health savings accounts (HSAs)

Ensure that all beneficiary designations are consistent with your overall estate plan. Name both primary and contingent beneficiaries. Review designations after every major life event, including marriage, divorce, the birth of a child, or the death of a named beneficiary.

Additional Planning Steps

10. Digital Asset Planning

Florida's Fiduciary Access to Digital Assets Act (F.S. Chapter 740) governs how your digital assets are handled after death or incapacity. Your checklist should include:

Creating an inventory of all online accounts (email, social media, financial, cloud storage, cryptocurrency)
Designating a person to manage digital assets in your will, trust, or power of attorney
Using each platform's built-in tools (such as Google's Inactive Account Manager or Facebook's Legacy Contact) to specify your wishes
Storing login credentials securely using a password manager and providing access instructions to your fiduciary

11. Asset Protection Planning

Florida offers several asset protection opportunities that should be part of your planning:

Maximize the homestead exemption for your primary residence
Use tenancy by the entirety for assets held jointly with your spouse
Fund retirement accounts to benefit from creditor protection under Florida law and federal law
Consider irrevocable trusts for long-term asset protection
Review liability insurance coverage, including umbrella policies

12. Planning for Minor Children

If you have minor children, your estate plan should address:

Naming a guardian and alternate guardian in your will
Establishing a trust for the management of assets left to minor children
Specifying the age or conditions under which children receive their inheritance
Naming a trustee to manage the children's trust (this can be a different person from the guardian)
Ensuring life insurance is sufficient to provide for the children's needs through adulthood

13. Planning for Incapacity

Estate planning is not just about death. Planning for incapacity is equally important:

Ensure your revocable living trust includes incapacity provisions
Execute a durable power of attorney with broad financial powers
Execute a healthcare surrogate designation and living will
Consider whether a pre-need guardian designation is appropriate under F.S. § 744.3045
Discuss your wishes with your designated agents and family members

14. Tax Planning

While Florida has no state income tax or state estate tax, federal tax considerations remain important:

Understand the current federal estate tax exemption and whether your estate may be subject to estate tax
Consider the step-up in basis rules and how they affect capital gains for your beneficiaries
Evaluate lifetime gifting strategies to reduce the size of your taxable estate
Review the income tax implications of retirement account distributions for beneficiaries
Consider charitable giving strategies if philanthropy is part of your goals

15. Document Storage and Communication

Having the right documents means nothing if your family cannot find them when needed. Your storage checklist should include:

Original will: Keep in a secure location such as a fireproof safe at home, a safe deposit box (though be aware that access to a safe deposit box after death can be complicated), or deposited with the clerk of the circuit court under F.S. § 732.901.
Trust documents: Keep the original signed trust in a secure location and provide copies to the successor trustee.
Powers of attorney and healthcare documents: Provide copies to your designated agents, your primary care physician, and your attorney. These documents are useless if they cannot be located when needed.
Beneficiary designation records: Maintain a list of all accounts with beneficiary designations and where the designation forms are stored.
Digital asset inventory: Keep a secure record of online accounts, passwords, and access instructions.
Inform your family: Tell your spouse, children, personal representative, and successor trustee where your documents are stored and how to access them. Consider providing your attorney's contact information to family members so they know who to call.

When to Update Your Estate Plan

An estate plan is not a one-time event. Review your plan whenever any of the following occurs:

Marriage, divorce, or remarriage
Birth or adoption of a child or grandchild
Death of a spouse, beneficiary, or named agent
Significant change in financial circumstances
Purchase or sale of real property
Move to or from Florida
Change in tax laws
Change in your health or the health of your spouse
Every three to five years as a general practice

Contact the Law Offices of Albert Goodwin

If you are ready to create or update your estate plan, the Law Offices of Albert Goodwin, PA can guide you through every item on this checklist and tailor a plan to your specific circumstances. We serve clients in Miami-Dade County and throughout Florida with comprehensive estate planning, probate, and trust administration services.

Call us at 786-522-1411 or email [email protected] to schedule a consultation. Our office is located at 121 Alhambra Plz #1000, Coral Gables, FL 33134.