An estate plan empowers a testator to take control over their long-term legacy. They can provide support for their loved ones after they pass and possibly also provide support for charitable causes or nonprofit organizations that they value. Estate planning also allows older adults to ensure they have appropriate support during their golden years if they experience cognitive decline or medical incapacitation.
Every testator has their own personal preferences regarding how they structure their estate, and every state has unique rules that govern estate planning and probate proceedings. What do those creating estate plans in Florida in 2025 need to know?
The law recently changed
As of January 1, 2025, the Uniform Fiduciary Income and Principal Act (UFIPA) has taken effect. This new law updates existing rules for fiduciaries managing trusts and estates. The law empowers trustees to convert certain trusts to unitrusts and to make adjustments to distributions in cases where there are returns on invested assets. In scenarios where people intend to leave a long-term legacy that requires the structure of a trust or asset management by a fiduciary, learning more about UFIPA could prove beneficial.
Living and testamentary documents can both be helpful
Wills or trusts can dictate what happens after an individual dies. Ensuring that documents properly comply with state law is a key step when establishing an estate plan. Testators may also need to draft living documents that take effect in the event of an emergency. Powers of attorney and advance medical directives can help ensure that people experiencing personal emergencies have others who can act on their behalf.
One common tactic isn’t viable in Florida
Those who relocate to Florida during their golden years sometimes make the mistake of retaining the same estate plan that they drafted in another jurisdiction. Their documents may not actually conform to Florida state regulations. Unlike most other states, Florida does not uphold penalty or no-contest clauses. Testators may want to update their estate planning documents to eliminate no-contest clauses and may need to take other steps to prevent their loved ones from fighting over their resources after they die.
Creating an estate plan and regularly updating documents can help ensure that people leave a meaningful legacy and have support when they need it the most later in life. Those intending to establish estate plans or adapt existing documents to Florida laws may need help achieving their goals and ensuring that their documents comply with state standards, and that’s okay.