When you need to revise or replace your estate planning documents, the most appropriate course of action is to consult with an experienced estate planning attorney. Estate planning is a complex area of the law and depending on your family's circumstances, easy and cheap at the beginning could result in expensive and difficult at the end.
An experienced estate planning attorney may be critical to your planning if you have a blended family, special needs family members, young family member(less than 18 years of age), if you have a taxable estate (effective January 1, 2013 that will be an estate in excess of $1 million), or if there are family members who may not agree on how things should be done.
With respect to a durable power of attorney, there are a number of issues involved with the powers that are to be conferred upon the person you name as your agent, or attorney in fact. Florida has a new durable power of attorney statute that must be properly followed so the power of attorney will be valid. A power of attorney that does not comply with the new power of attorney statute will be void and of no value to you or your loved ones when it is needed.
If you have a home and other assets, you may want to consider the use of a revocable living trust. A properly drafted and funded revocable living trust can allow you to avoid probate. The cost and ease of administering a revocable living trust after the death of the trustmaker can be significant compared to the cost and difficulty of probate.
I encourage you to seek the counsel of an experienced estate planning attorney.
Answered on Oct 02nd, 2012 at 11:43 AM