An “Estate Plan” is more than just a Will or a Trust. It is important to consider all of your assets (and debts) when properly structuring your estate plan. Your estate plan can be completely derailed if your assets are not properly titled, resulting in unintended consequences. Be sure beneficiary designations are kept up to date on IRAs and life insurance policies. A trust cannot govern assets that are not titled in the trust, or that don’t pour over to a trust. Assets that are held jointly with rights of survivorship are not probate assets in Florida and therefore not governed by your Will. Having a POD or TOD account may not be helpful if you become incapacitated. It is important to regularly review your assets, debts and documents. Speak with your attorney to update your estate plan.
-Emily Helmick Packwood, Esq.