Steps To Take After Finalizing Your Estate Plan

Estate planning is an ongoing process. Once you have created your tailored and unique estate plan, you still need to review it regularly to ensure that all the details are correct and continue to apply to your situation. Whether you need to create your estate plan for the first time, update an existing plan, or ask questions about estate planning, the knowledgeable estate planning attorneys with Loughlin Law, P.A. may be able to assist you. Book your appointment to review your estate plan and learn more by calling (561) 677-8384.

Sign, Witness, Store, and Protect Your Will

A Last Will and Testament is one important component of an estate plan. In some cases, it may be the only component that an individual has related to their death and the distribution of their assets. If that is the case, a lost or missing will can result in the probate court declaring that they have died intestate and distributing the individual’s assets per Chapter 732 of Florida’s Probate Code: Intestate Succession and Wills. Therefore, ensuring the validity and security of an individual’s will is imperative.

Ensure the Will Is Valid

FL Stat. §732.502 states that a properly executed will must be in writing and signed by the testator, or the person who wrote the will. If the testator is unable to sign the will for some reason, the law requires that the testator acknowledge having signed the will previously or that someone else has subscribed the testator’s name to the will both in the testator’s presence and at the testator’s direction.

Additionally, the law also requires that there are two witnesses who sign the will. These two witnesses must sign the will in the presence of each other and the testator. While some states require that the witnesses be disinterested individuals or ones who are not beneficiaries of the testator, Florida does not have such a requirement. However, it is still recommended that the witnesses be disinterested, as this eliminates the possibility of a conflict of interest and reduces the chances that the testator is manipulated by a witness.

Ensure the Will Is Safely Stored

In general, Florida requires the original will to be filed when the testator dies. A copy can be used, but it must be identical to the original signed will. Additionally, there must be at least one disinterested witness who can testify that the copy is accurate and sign an Oath of Witness. There will also need to be proof that the testator did not revoke the original will by destroying it.

Because probate is easier with the original will, safely storing it is crucial. Individuals should consider storing their will in a fireproof home safe, a safe deposit box in a bank, or allowing their attorney to keep it. The individual should ensure that the executor of their will and at least one or two other trusted individuals know where the will is stored and how to access it. FL Stat §732.901 requires that the will be deposited with the clerk of the court that has jurisdiction over the estate within ten days of learning that the testator died, so others must know where to find the will.

Talk To Every Interested Party About Your Estate Plan

In the legal world, an interested party is one who has a stake in a matter or stands to benefit from the situation. In an estate plan, interested parties would be executors, trustees, health care surrogates, agents under a power of attorney, and any successors designated for any of those roles. The people appointed to these roles need to be aware that they have been appointed and details regarding the estate plan. This is important not only to allow them to carry out the duties of the role they have been appointed to, but also to allow them to decline the role if they do not want to do it.

Beneficiaries are also considered interested parties. If an individual wishes, they can inform beneficiaries so that they are aware of their future interests. However, many individuals may have reasons to keep this information confidential. If an individual is uncertain about whether to inform beneficiaries about their estate plan details, they may want to consult with an attorney to discuss the pros and cons and get legal guidance on how to proceed.

Fund Any Trusts Your Estate Plan Created

A trust is a legal entity, but it does not exist until it is funded. Signing the documents is not enough to protect any assets. The trust must be funded by transferring assets into the trust. This may require the use of quit claim deeds for real estate, and changing ownership documents or titles for tangible assets such as motor vehicles. Individuals may also need to work with one or more financial institutions to change ownership and/or beneficiary information on bank, investment, or retirement accounts.

While trusts are often recommended as a strong way to protect assets and avoid probate, it is important to note that there are certain assets that may not be able to go into a trust or that may have specific restrictions on when or how they can be placed in a trust. An experienced Boca Raton estate planning attorney at Loughlin Law, P.A. may be able to assist you in ensuring that the appropriate assets are protected by your trust and ones that cannot go into the trust are protected by other methods.

Distribute and Store Documents as Needed

Ultimately, an estate plan is made up of a lot of documents. These documents cover a variety of details, including what assets they have and how to distribute those assets, information about what to do with their remains, and documents that indicate medical decision-making in the event the individual is incapacitated. All of these documents are ineffective if no one can find them when they are needed.

Trust documents and other estate planning documents related to the individual’s assets and their death should be stored in a safe but easily accessible location for those who need them. Individuals may also want to consider providing copies and information on how to access and retrieve the originals of these documents. Copies of powers of attorney for health care, living wills, and other relevant advance health care directives should be provided to the individual’s primary care physician and other health care providers for inclusion in their medical records. Financial powers of attorney should be provided to banks or other financial institutions.

Review and Update Beneficiary Designations

While trusts are frequently used to keep assets out of probate, there are a number of assets that pass outside of a will and do not need to go through probate. These assets typically have beneficiary designations. If no beneficiary is designated, then these assets may pass through probate. If the designated beneficiary has died or cannot be located, the asset may go through probate or be passed to another beneficiary.

Individuals should review these designations both at the time of estate plan creation and periodically thereafter to ensure that the beneficiaries they have named are still accurate. Additionally, if the individual wishes to use a custom beneficiary designation, such as directing a life insurance policy or retirement account to a trust instead of a person, they may wish to consult with an attorney to make sure this designation is properly done.

Review the Estate Plan Regularly

An estate plan is not a static thing. As the individual’s life changes, so might their estate plan. Therefore, individuals should review their estate plan to ensure the details remain accurate. They should review and make necessary updates whenever there is a marriage, divorce, relocation, change in income or other financial circumstances, birth, death, change in health status, or other significant life change. Even if the individual does not have any significant life changes that would warrant a review of their estate plan, they should review the plan every three to five years to make sure nothing has changed that they might not have thought about.

How an Estate Planning Attorney at Loughlin Law, P.A. Can Assist You

Whether you are just beginning the estate planning process, are updating an existing plan, or have questions you would like answered before you begin the process, a Florida estate planning attorney may be beneficial. An attorney may be able to assist you in writing a valid will, creating a trust, ensuring beneficiary designations are in place, and determining which asset protection methods are most appropriate for your needs. Call (561) 677-8384 to book your appointment with one of our Boca Raton estate planning attorneys at Loughlin Law, P.A. to discuss your estate plan.