The Ultimate Guide to Florida Estate Planning

Hey there! I’m Andrej Cuturic, a Florida estate planning attorney who believes that protecting your family’s future doesn’t need to be complicated.

After helping hundreds of clients protect their wealth and family with thoughtful estate planning, I prepared this guide to help you understand your options and make informed decisions.

I did my best to cut through the legal jargon and get to what really matters – the information you need to make sure you give what you want, to who you want, and on your terms

What is Estate Planning?

Estate planning is the process of outlining specific instructions as to how you want your money, property, and other valued assets dispersed upon your death. Your estate plan includes decisions about your medical care and final arrangements, as well.

Without an estate plan, your loved ones will likely have to go through a lengthy, drawn-out probate that can be very expensive. If an estate plan is in place, you can make this transfer much simpler, and it will provide peace of mind for you and protect your wishes for your property and life.

Understanding Your Estate Planning Options

Estate planning in Florida involves much more than writing a will. It’s about making smart choices that protect the people you care about most. Here are your options, explained in plain language:

First Option: Wait Until It’s Too Late

More than 50% of Americans choose this route, many of them thinking they will have more time and simply procrastinate until it’s too late to plan. While doing nothing is the lowest cost option right now, it is usually the much more expensive option later and, here’s the unfortunate side of inaction:

• Your loved ones may inherit a legal mess
• Florida’s default inheritance laws will dictate who gets what (the state’s choices might not match yours)
• Your kids could get a huge lump sum at age 18 with zero oversight
• Family members you barely know might end up with your life savings

Second Option: A Will-based Estate Plan

A Will, more formally referred to as a Last Will and Testament, lays out who gets what after you’re gone. You can also nominate guardians for minors that are in your care in a will. This is important for families with young children, and also, with the rise of grandparents raising grandchildren, for seniors who are responsible for minors as well.

While preparing a Will is better than doing no planning at all, here’s what you need to know:

Pros

• Lower initial cost compared to a Trust based estate plan
• Better than having no estate plan

Cons

• Your estate will need to be settled through the Florida probate process and it is usually a more expensive administration than a Trust based plan
• Won’t help if you become incapacitated (you’ll want powers of attorney and a Florida healthcare surrogate designation to cover that)
• One small dispute can lead to thousands in legal fees and months or years battling it out in court

Third Option: A Living Trust Plan

Think of a revocable living trust as a protective container for your assets. You’re still in control while you are alive and well, and you get to write the rules for how the trust assets should be managed both during your lifetime and in the event you (or your spouse) pass away.

Pros

• Avoids probate (when your trust is fully funded)
• Less expensive than probate
• Keeps your affairs private (unlike probate)
• Lets you add special protections for unique situations
• Your successor trustee steps in to manage your assets if you become incapacitated

Cons

• Most assets will need to be re-titled into the name of the trust for it to work as intended
• Costs more upfront compared to a will-based estate plan (though less in total by the time the estate is settled)

Fourth Option: An Advanced Plan

Advanced estate planning involves using a living trust, irrevocable trusts and potentially even LLC’s or other business entities to accomplish your goals and objectives.

Advanced estate planning techniques can help you:

• Plan for Medicaid
• Reduce estate taxes
• Protect assets from future lawsuits
• Transfer your business interests to the next generation (or key employees)
• Support family members with special needs without disqualifying them from needs-based benefits
• Facilitate the transfer of significant wealth
• Make charitable gifts

Creating a Plan That Works for You

Every family is slightly different, and cookie-cutter solutions lead to costly problems.

Here are some situations that need special attention:

• Blended families need careful planning to protect everyone’s interests
• Special needs beneficiaries require specific trust language to protect their benefits
• Property in other states needs extra consideration
• Business owners need succession planning
• International assets require special handling
• Digital assets (yes, even your crypto) need specific instructions

What’s Inside This Guide

This guide walks you through everything you need to know about estate planning in Florida. Each chapter addresses a critical aspect of creating a comprehensive plan that protects your family and assets. Here’s what you’ll find:

Trusts vs. Wills in Florida: Pros and Cons

This chapter explores the fundamental differences between wills and trusts in Florida. You’ll learn when each option makes sense, how they work with Florida’s unique laws, and the real-world implications of choosing one over the other. We’ll cover probate considerations, privacy concerns, incapacity planning, and how each tool fits into different family situations.

5 Essential Estate Planning Documents Everyone Needs

Beyond just wills and trusts, this chapter details the five critical documents every Floridian should have in place. You’ll understand the purpose of each document, from powers of attorney to healthcare directives, and how they work together to create a comprehensive plan that protects you during life and after death.

Different Types of Trusts in Florida

For those considering trust-based planning, this chapter breaks down the various trust options available in Florida. From revocable living trusts to specialized structures for unique situations, you’ll learn how each type works and when it might be appropriate for your circumstances. We’ll cover common mistakes in trust creation and how to avoid them.

Funding Your Trust: What You Need to Know

Creating a trust is only the first step; properly funding it is essential for it to work as intended. This chapter explains the process of transferring assets into your trust, which assets should be included, and how to handle different types of property. You’ll learn practical steps to ensure your trust accomplishes your goals.

Beginner’s Guide to Trust Administration in Florida

This chapter walks through what happens after someone passes away with a trust in place. Whether you’re a trustee responsible for administering a trust or a beneficiary wanting to understand the process, you’ll learn about the key steps, legal requirements, and potential challenges in Florida trust administration.

How to Choose the Best Estate Planning Lawyer

Finding the right attorney is crucial for creating an effective estate plan. This final chapter provides guidance on selecting an estate planning lawyer who meets your needs. You’ll learn what qualities to look for, questions to ask, and how to evaluate whether an attorney is the right fit for your situation.

Let’s Talk

If you’re ready to protect your family’s future without the confusing jargon and intimidating process, schedule a free consultation with me here or call my office at (941) 441-9193.

Remember: You are unique, and your estate plan should be as well. At Cuturic Law, we can help you build an estate plan to fit your needs and protect your legacy.

Want to learn more or set up a consultation? Reach out today. I’ll lay out your options clearly so you can make an informed decision on how to protect your wealth and loved ones.