Estate planning turns your priorities into practical instructions for the people who may one day help you or inherit from you. Breaking the work into clear steps makes it easier to begin. At Verras Law, P.A., we guide clients in Palm Harbor, Tampa and St. Petersburg through the choices, the documents and the follow-through.
Step 1: Know what you own
The first step in estate planning is understanding what you own and what you owe. Make a detailed list of:
- Assets: Real estate, bank accounts, retirement savings, life insurance policies, business interests, and valuable personal property (jewelry, artwork, collectibles, etc.).
- Debts: Mortgages, loans, credit card balances, and other liabilities.
This inventory helps determine the value of your estate and how your assets should be distributed among your beneficiaries.
Step 2: Set your goals
Every individual’s estate planning needs are different. Consider the following:
- Who do you want to inherit your assets?
- Do you have minor children who will need a guardian?
- Do you want to minimize estate taxes?
- Would a loved one with a disability benefit from coordinated trust and benefits planning?
- What balance of continuity, privacy and court accountability would best serve your family?
Having clear goals allows your estate planning attorney to tailor a plan that aligns with your wishes.
Step 3: Choose the people
Your estate plan will require you to designate individuals for important roles, including:
- Personal representative: The person you nominate for court appointment to administer the estate and carry out the will.
- Trustee (if applicable): The person who manages assets held in a trust for your beneficiaries.
- Guardian nominee: A person you would want the court to consider for a minor child if a guardian is needed.
- Health care surrogate: A person authorized to receive health information or make decisions under the conditions you specify.
- Agent under a durable power of attorney: A person authorized to handle specified financial and legal matters, generally with authority effective when the document is signed.
Look for people who are willing, capable and able to communicate well. Discuss the responsibilities with them and name suitable alternates.
Step 4: Prepare the documents
A well-rounded estate plan typically includes the following legal documents:
Last Will and Testament
A will directs the distribution of probate property, can create trusts and nominates a personal representative. If property passes by intestacy instead, Florida’s statutory inheritance rules determine its recipients. Account titles and beneficiary designations should be reviewed separately.
Trusts (If Needed)
A trust provides instructions for managing property. A properly funded living trust can allow the assets it holds to be administered outside probate; a testamentary trust is created through a will. The right choice depends on your goals. Probate itself offers court accountability that can be helpful in some families. Common trust options include:
- Revocable living trust: Can provide flexible management and continuity for assets properly transferred to it.
- Supplemental Needs Trust: Provides a structure for supporting a loved one with a disability while accounting for applicable benefits rules.
- Irrevocable trust: May serve a defined family, tax or protection purpose, with results depending on its terms, funding and retained rights.
Health care and financial authority
Separate documents address medical choices and authority over financial affairs:
- Living will: Records directions about life-prolonging procedures in the circumstances Florida law describes, including a terminal condition, an end-stage condition or a persistent vegetative state.
- Health care surrogate designation: Names a person to assist with health information or decisions. Florida permits specified authority to begin immediately, while your own decisions control while you retain capacity.
- Durable power of attorney: Grants specified financial and legal authority that can continue during incapacity. Florida generally makes this authority effective on execution, with limited exceptions, so the agent should be chosen with care.
Step 5: Coordinate the assets
Some assets, such as life insurance policies, retirement accounts, and payable-on-death (POD) bank accounts, pass directly to named beneficiaries. It’s essential to:
- Ensure beneficiary designations are up to date.
- Name contingent beneficiaries in case the primary beneficiary is unable to inherit.
- Coordinate these designations with your overall estate plan.
Step 6: Review taxes and protection
Florida currently imposes no estate tax, but federal estate and gift taxes, income taxes and another state’s rules may still matter. For appreciated property, consider the income-tax basis consequences alongside any estate-tax benefit. Creditor protection also depends on the assets, ownership and the particular claim. I can coordinate these questions with your CPA and other advisers.
Step 7: Make the plan accessible
Once your estate plan is complete:
- Store original documents securely, with appropriate protection from fire and water, and make sure an authorized person knows how to obtain them when needed.
- Tell your personal representative nominee, trustee, health care surrogate and agent where to find the documents they may need, and discuss their responsibilities with them.
Step 8: Keep the plan current
Marriage, divorce, the birth of a child, financial changes and new laws can affect your plan. Review it periodically and after major life events so the documents, assets and beneficiary designations continue to work together.
Begin with a conversation
Once the documents are signed, complete any planned deeds, account changes and trust funding. Keep a record of what has been done and what still needs attention. That follow-through turns a set of documents into a working plan.
Contact Verras Law, P.A. to discuss the people and priorities your plan should support. Our estate planning guide and probate and trust comparison offer a useful starting point.
Primary references: Florida’s rules for when a power of attorney takes effect, health care surrogate designations and living wills; and the Florida Department of Revenue’s estate-tax guidance.
Updated October 26, 2026.