Introduction
You may be retired in Naples with a will signed in another state, an older power of attorney, or no estate plan at all. Even if you already have documents, your property, accounts, family circumstances, or beneficiary designations may have changed since you signed them.
This estate planning checklist helps Florida retirees and pre-retirees review core documents, Florida homestead considerations, property held in another state, and common gaps. A will signed elsewhere may remain valid under Florida law, but exceptions and practical issues can apply.
The Florida Bar recommends that people who move here have their wills reviewed by a Florida lawyer. Work with a Florida estate planning attorney to determine whether your documents meet current requirements and still reflect your wishes.
The Core Documents Every Estate Plan Needs
An estate plan is more than a single document. These documents work together to explain how your property should be handled after death and who can make financial or health care decisions if you cannot.
Use this checklist to review your estate planning documents, then ask a Florida estate planning attorney which ones fit your needs.
Last Will and Testament
A will gives instructions for property that passes through probate, the court-supervised process for settling an estate. It names a personal representative to carry out those instructions and may nominate a guardian for minor children, if applicable.
If you already have a will, consider having a Florida estate planning attorney review it after a move to Florida or a major change in your family or assets.
Revocable Living Trust
A revocable living trust holds assets placed in it. You can generally change or revoke it during your lifetime. A successor trustee can manage trust assets if you become incapacitated or after your death. Properly titled trust assets generally pass outside probate.
A trust is not automatically the right choice for every retiree. If you have one, confirm that the intended assets are properly titled in the trust’s name and that it works with your will and beneficiary designations.
Learn how estate planning fits into your broader financial plan as you review these documents with an attorney.
Durable Power of Attorney
A durable power of attorney authorizes an agent to handle the financial matters and other tasks listed in the document. “Durable” means it generally remains effective if you become incapacitated.
In Florida, a power of attorney generally takes effect when it is properly signed, witnessed, and notarized, not only after incapacity. Ask a Florida estate planning attorney to explain when your agent may act and which powers the document grants.
Designation of Health Care Surrogate
A designation of health care surrogate names someone to make health care decisions for you if you cannot make them yourself. It may also authorize that person to receive health information.
Florida has its own signing and witnessing rules. If your document was prepared in another state, have a Florida estate planning attorney review it.
Living Will
A living will states your wishes about life-prolonging procedures if you cannot make your own health care decisions and the conditions in the document are met. It is different from a designation of health care surrogate, which names your decision-maker.
These documents should work together so your written wishes and chosen decision-maker are clear.
Beneficiary Designations
Some financial accounts and policies, including retirement accounts and life insurance, may pass to named beneficiaries instead of under your will.
For many accounts, the beneficiary designation controls who receives the asset, even if your will says something different. An outdated designation may no longer reflect your wishes.
Review the beneficiaries on your accounts as part of your overall estate plan, especially after major family or financial changes.
What Is Different About Estate Planning in Florida
For retirees, the main Florida-specific estate planning issues involve homestead rules, state tax treatment, and real estate tools such as enhanced life estate deeds. These details can be especially important if you moved to Naples from another state.
Florida homestead law can affect how a primary residence is transferred during life and at death. Restrictions may apply when an owner is survived by a spouse or minor child, and the result can differ from instructions in a will or trust. Ask a Florida estate planning attorney to review the property before changing a deed or estate document.
Florida currently does not impose a personal income tax or a state estate tax. That does not remove the need for estate planning. Federal tax rules may still apply, and property or income connected to another state may create obligations there. Ask a Florida estate planning attorney and qualified tax professional how these rules apply to you.
Some Florida property owners use an enhanced life estate deed, often called a Lady Bird deed. It may allow the owner to keep control of the property during life and transfer it to named beneficiaries at death without probate for that property. Whether it is appropriate depends on how the property is owned, family circumstances, tax considerations, and the broader estate plan. Ask a Florida estate planning attorney to prepare or review the deed.
A fiduciary financial advisor can help coordinate your financial accounts, beneficiary designations, retirement income, investments, and tax planning with the legal documents your attorney prepares. An advisor can support the financial side of your plan but does not replace a Florida estate planning attorney or provide legal advice.
If You Moved Here From Another State
If you moved to Naples from another state, gather your will, trust documents, durable power of attorney, health care advance directives, beneficiary designations, and property deeds. Confirm that the people named to act for you are still willing, available, and appropriate.
Documents prepared elsewhere may remain valid in Florida, but that does not mean they will work as you expect under current Florida law. Have a Florida estate planning attorney review them before deciding what to keep or update.
The review should also address domicile, which means the state you consider your permanent legal home. Your estate planning documents should match your intent, but no single document or action establishes a domicile on its own. This can be important for retirees who divide their time between Florida and another state. Ask a Florida estate planning attorney and tax professional which records and steps are appropriate for your circumstances.
Include any home, rental property, land, or other real estate you still own outside Florida. Property titled only in your name may require a separate court process, often called ancillary probate, in the state where it is located. That state may also have different tax and inheritance rules. Ask your Florida attorney whether an attorney in the other state should review the property and help coordinate the plan. The goal is to make sure your estate plan reflects the life and property you have now.
How Often to Review Your Plan
Review your estate plan after a major life, family, financial, legal, or tax change. Regular check-ins can also help you catch outdated documents or beneficiary designations.
Consider a review after:
- Marriage, divorce, or remarriage
- The death or incapacity of a beneficiary or someone named to act for you
- Moving to Florida or another state
- A significant change in your assets or property ownership
- The birth or adoption of a child or grandchild, or another major family change
- A change in tax or estate law
A review does not always mean every document must be replaced. It gives your Florida estate planning attorney a chance to confirm whether your will, trust, powers of attorney, health care documents, and beneficiary designations still reflect your wishes. An estate plan should reflect your current life, not just the life you had when the documents were first prepared.
Common Gaps We See
One common gap is an outdated beneficiary designation. Retirement accounts, life insurance policies, and some bank or investment accounts may pass to the person named on the account, even if your will says something different. Review primary and backup beneficiaries after a beneficiary dies, a divorce or remarriage, or another family change.
Digital assets are also easy to overlook. Make a list of important online accounts, digital records, devices, and access instructions. Store that information securely, and ask your estate planning attorney how to give a trusted person legal authority to access or manage those assets.
An unfunded or partly funded trust is another common gap. Creating a trust does not automatically place assets into it. Ask a Florida estate planning attorney which assets should be moved into the trust and how to handle those transfers. A complete review should consider your legal documents, account titles, property ownership, and beneficiary designations as one coordinated plan.
Frequently Asked Questions
What are the 5 essential documents for estate planning?
There is no universal five-document estate plan. A practical starting list for many Florida retirees includes:
- A will, which directs how probate assets should pass and names a personal representative
- A durable power of attorney, which authorizes someone to handle specified financial matters
- A designation of health care surrogate, which names someone to make health care decisions for you
- A living will, which states your wishes about life-prolonging procedures
- Beneficiary designations, which direct certain accounts and policies to the beneficiaries you name
A revocable living trust may also be appropriate, depending on your property, family, and goals. Ask a Florida estate planning attorney which documents fit your circumstances.
What are the 7 steps in the estate planning process?
A practical seven-step estate planning process is:
- List your property, financial accounts, debts, insurance policies, and digital assets.
- Choose your beneficiaries and the people who may act for you, such as a personal representative, trustee, agent, or health care surrogate.
- Decide how you want your property distributed and your financial and health care wishes handled.
- Review account ownership and beneficiary designations.
- Work with an estate planning attorney to prepare and properly sign the appropriate legal documents.
- Coordinate those documents with your accounts and property, including transferring appropriate assets into a trust when one is used.
- Store the documents securely, tell the appropriate people where to find them, and review the plan after major changes.
The exact process depends on your family, property, residency, and goals. A Florida estate planning attorney should guide the legal steps, while a financial advisor can help coordinate the estate plan with your broader financial plan.
Which bank accounts avoid probate?
Bank accounts may pass outside probate when they are:
- Jointly owned with a right of survivorship
- Set up as payable on death (POD) or in trust for (ITF) accounts with a valid named beneficiary
- Properly titled in a revocable living trust
An account owned only in your name without a valid beneficiary or survivorship arrangement will generally become part of your probate estate. Account agreements and state law matter, so confirm the ownership and beneficiary details with your bank and a Florida estate planning attorney.
What is the 5 by 5 rule in estate planning?
The 5-by-5 rule, also called a 5-and-5 power, is a federal tax rule for certain trust withdrawal rights. If a beneficiary lets that right expire during a calendar year, federal tax law generally treats the lapse as a release only for the amount above the greater of $5,000 or 5% of the trust assets available for withdrawal.
This rule can affect gift and estate tax treatment and does not apply to every trust. A Florida estate planning attorney and a qualified tax professional should review the trust language and explain whether the rule applies.
Do I need a new will if I move to Florida?
Not necessarily. A will signed in another state may remain valid in Florida if it met that state’s legal requirements, but exceptions and practical issues can apply.
A move to Florida is a good reason to have a Florida estate planning attorney review your will and related documents. Florida homestead rules, the qualifications of your personal representative, witness availability, and changes in your family or property may affect how the plan works.
The goal is not to replace every document automatically. It is to confirm that your will, trust, powers of attorney, health care documents, and beneficiary designations still meet current requirements and reflect your wishes.
Working With an Advisor on Your Estate Plan
Estate planning is a legal process, so your attorney should handle the legal documents and legal advice. A financial advisor who provides [fiduciary guidance] can help coordinate beneficiary designations, financial accounts, retirement income, investments, and tax planning with the legal documents your attorney prepares or reviews.
At Wagon Wheel Financial, we help retirees and pre-retirees in Naples organize the financial details that support their estate plans as part of retirement planning. Explore how estate planning connects with your broader financial plan or meet our financial advisors. If you want to discuss where things stand, start with a straightforward, no-pressure conversation.
Ready to Review the Financial Side of Your Estate Plan?
If you moved to Florida, experienced a major family or financial change, or have not reviewed your estate plan in years, it may be time to take another look.
Schedule a straightforward conversation with Wagon Wheel Financial to discuss how the financial side of estate planning fits into your broader retirement plan.