5 Things to Consider When Planning Your Estate

1. Appoint a Guardian for Your Children: If you have children, it’s crucial to designate a guardian in the event that both legal parents pass away before the children reach the age of 18. Even if parents are divorced and one has no timesharing, that person is still the legal parent, and the child will be placed with them unless parental rights are terminated. Listing a guardian ensures there is no confusion about who you want your children to live with in such a circumstance.
2. Select a Personal Representative (Executor): The personal representative, or executor, is responsible for carrying out the wishes outlined in your will. This person also serves as the trustee if a trust is needed for minor children. It’s often advisable to have separate individuals for the roles of guardian and trustee to provide checks and balances. This way, the guardian must request funds from the trustee for child-related expenses, preventing direct access to the money.
3. Florida Law Requirements for Personal Representatives: Under Florida law, your personal representative must be a Florida resident or a relative, at least 18 years old, and without any felony convictions. You cannot appoint an out-of-state friend as your personal representative.
4. Avoid Co-Personal Representatives: We do not recommend appointing co-personal representatives. They must sign and notarize almost every document filed in court during a probate case, keep beneficiaries informed, and act in their best interests. Having a single personal representative is often more convenient and avoids potential conflicts. Disagreements between co-personal representatives can lead to court disputes, increasing litigation costs and reducing the beneficiaries’ inheritance.
5. Include a Personal Property List in Your Will: We recommend including a clause in your will that allows for a personal property list. This list, drafted and signed by you after the will is executed, specifies personal items such as family heirlooms and keepsakes for specific individuals. Money and accounts cannot be transferred this way; it is strictly for personal property. You can update this list as often as needed, but be sure to destroy the old list and replace it with a newly signed one.

Planning your estate with these considerations ensures your wishes are clearly defined and legally enforceable, providing peace of mind for you and your loved ones.