Planning for the Unexpected in Florida: Why Backup Fiduciaries Matter

Life has a way of surprising us. Sometimes those surprises bring joy, like when a young athlete breaks through at the Olympics and wins gold against all odds. Other times, the unexpected is far less welcome - a sudden accident, illness, or other life-altering event. While we cannot predict every twist and turn, we can prepare.

That preparation is the essence of estate planning. At The Soto Law Office, we often remind clients that a good estate plan is not just about making decisions for today—it is about planning for the unexpected tomorrow.

The Importance of Backup Fiduciaries

In Florida, when drafting a will or trust, it is critical to name not only a primary fiduciary but also one or more backups. A fiduciary is the person you trust to carry out your wishes. In a will, this person is your Personal Representative, the role Florida law (Fla. Stat. § 733.301) gives to the individual responsible for administering your estate. If you create a trust, you will need to nominate a trustee to manage and distribute your assets.

But what happens if the person you’ve chosen cannot serve? Illness, incapacity, or even death could leave your estate plan without a leader at the very moment it is needed most. That is why naming alternate fiduciaries is so important. Florida courts will otherwise step in to appoint someone, which may not align with your wishes.

Guardianship for Minor Children

For parents, estate planning often includes nominating a guardian for minor children. Florida law (Fla. Stat. § 744.3046) allows parents to name a guardian for their children within their will. Just as with fiduciaries, it is wise to name an alternate guardian.

Imagine a couple who selects the child’s grandparents as guardians. If those grandparents later experience health challenges or pass away before the parents, the court will need to decide who should raise the children. By naming a backup guardian, you ensure the decision stays within your family and reflects your values.

Contingency Planning for Distributions

Backup planning also applies to how assets are distributed. For example, let’s say a parent specifies in their will that their estate should be divided equally among their three children. But what if all three children tragically pass away in a car accident together? Though this may seem improbable, Florida law provides that if no contingent beneficiaries are named, assets pass through intestate succession (Fla. Stat. § 732.101), which may not align with the parent’s wishes.

By naming contingent beneficiaries (such as grandchildren, extended relatives, or even a charitable organization), the parent ensures their legacy continues in a way that reflects their values.

Powers of Attorney and Healthcare Directives

Estate planning is not only about what happens after death. Documents like a Durable Power of Attorney (Fla. Stat. § 709.2101 et seq.) and a Designation of Healthcare Surrogate (Fla. Stat. § 765.202) are critical for planning during your lifetime. These documents authorize trusted individuals to manage your finances and make medical decisions if you become incapacitated.

Here too, backups matter. If your first choice for Attorney-in-Fact or Healthcare Surrogate is unable or unwilling to serve, naming alternates ensures there is no gap in decision-making authority.

When to Consider a Professional Fiduciary

Not everyone has family or friends who are able (or willing) to step into these important roles. In such cases, Florida law allows for the appointment of professional fiduciaries, such as trust companies or attorneys, to serve as trustees or personal representatives. While this may feel less personal, it can be a smart way to ensure your estate is administered professionally and according to your wishes.

Planning for the Unexpected

Much like an athlete trains for every possible scenario—whether it is a sudden change in weather, an injury, or an opponent’s surprising strategy—you should prepare your estate plan for unexpected events. Backup fiduciaries, contingent beneficiaries, and carefully drafted powers of attorney all serve as safeguards to ensure your plan works even when life does not go as planned.

How We Can Help

At The Soto Law Office, we help individuals and families across Central Florida build estate plans that provide peace of mind. Our team ensures your documents not only comply with Florida law but also reflect your unique circumstances and goals.

If you do not yet have backup fiduciaries or contingent beneficiaries in your estate plan, now is the time to review and update your documents. Life is unpredictable, but your estate plan does not have to be.

Contact The Soto Law Office today at (321) 972-2279 or visit www.TheSotoLawOffice.com to schedule a consultation. Let us help you prepare for the unexpected so your wishes are honored and your loved ones are protected.