The end of the year is an emotional time when families get together to celebrate and to set intentions for the year ahead. The holiday season helps you connect with what matters most: your loved ones.
Despite the importance of our loved ones in our lives, people tend to push off the one thing that can protect them the most: an estate plan. Having a thoughtful estate plan in place helps maximize the assets that you pass down to your family, protect assets for any long-term care you may need, and minimize the stress that will inevitably affect the people inheriting your estate. Stunningly, even though estate planning is a necessary legal and financial step in bringing peace of mind, 76% of adults don’t have a will in 2025.
Why Estate Planning Matters
An estate plan does more than name who will inherit your house or your valuables. It also addresses healthcare decisions, incapacitation, and the distribution of your assets; a well-structured plan helps minimize court delays, costs, and family stress. If you are worried that your kids may fight over your wedding ring, your house, or even an old family photo, then an estate plan becomes even more integral to the aging process.
Key Estate Planning Considerations
A will is not the same thing as an estate plan, and vice versa. Here are the things to consider when creating a comprehensive estate plan:
- Make an Inventory of Your Assets and Liabilities
- Tangible assets: home, jewelry, vehicles, artwork
- Intangible assets: investments, retirement accounts, cryptocurrency, savings accounts
- Debts: mortgages, loans, credit card balances
- Digital assets: subscriptions, loyalty programs, email and social media profiles
- Decide on Your Key Legal Documents
- Will: who inherits what, and who will be the executor handling the distribution of those inherited assets
- Trust: manages and distributes assets efficiently, often used to avoid probate or protect beneficiaries
- Revocable Trust: allows you to retain control of your assets during your lifetime and change/revoke your wishes
- Irrevocable Trust: can not be changed once it is in place
- Other Trusts: Florida Homestead Trust, Special Needs Trust, Pet Trust, Medicaid Asset Protection Trust, VA Trust, etc.
- Power of Attorney: who will make decisions for you when you are no longer able to do so for yourself (financial, medical)
- Advance Health Care Directive: specifies your medical wishes in advance
- Organize Important Documents
- Birth Certificates, marriage certificates, insurance policies, account statements, deeds, and all other important legal/financial paperwork needs to be in a secure, organized system.
- Choose Beneficiaries
- Ensure beneficiary designations on life insurance, retirement accounts, POD/TOD accounts are accurate and up-to-date.
- Plan for Final Arrangements
- Funeral or Memorial Preferences
- Personal Property Memorandum: designates who gets specific items (ex. heirlooms)
- Review Your Plan Regularly
- Update your estate plan every 3–5 years
- Update your estate plan after major life events like marriages, divorces, or births
Contact Us
As you connect with your loved ones this holiday season, think about how to protect your future and their future. Contact us today to learn more about the estate planning process in Florida and how we can play a part in protecting your legacy. Speak with our Board Certified Elder Law Attorney today.
