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No. A Last Will & Testament more commonly referred to as “Will” only provides information on who you want to be your Personal Representative when you die and how you want your estate distributed and still requires a probate administration at your death.
There are many planning options that avoid probate. One of the most commonly discussed is a revocable living trust. It is recommended that you meet with an elder law attorney to discuss your various planning options to avoid probate and whether a trust is appropriate or not for your situation.
It is recommended that you have a Florida licensed elder law attorney review your out of state documents. Each state has different laws, and many times, these documents need to be updated to ensure they have the effect and benefit you desire in your new home state.
Yes. Any time there is a change in your circumstances, i.e.. marriage, divorce, children, death of a spouse you need to be sure you have estate planning documents and that they have been updated to reflect new circumstances.
If either of you were involved in an accident and were not able to make decisions regarding your person or property, your spouse would not be able to make those decisions without a Durable Power of Attorney or Health Care Surrogate or Living Will.
Depending on your circumstances, you may need to implement a revocable trust to ensure your assets are protected for your minor children. In Florida, if a minor child inherits more than $15,000 it requires that a guardian of the property be appointed for that minor child which adds additional legal costs and expenses. Additionally, you want to ensure that you have implemented the appropriate documents to allow you to have input on who the guardian of your minor child(ren) would be if the parents were deceased.
