Legal Question in Wills and Trusts in Florida
Our only daughter has been living with her boyfirend for about two years & has openly discussed getting married but her boyfriend wants to wait "to save money". He's an only child too and now has set up a durable power of atty becasue he says it's important in case he gets sick, our daughter can see him in the hospital. We were shocked when he gave us a copy of HER POA that was over 20 pages and includes his right to her bank accounts, money AND inheritances. We didn't get the one he said we needed for him. We liked this guy until now & think this 20 page document making everything hers his is pretty creepy considering he could just get married for alot less writing. There is no part that discusses cancelling it if they break up; just if she dies or becomes incapacitated - which we, her parents would want to be responsible for since we're right in Town and we get along fine with her. Strangely, he came to us with the paperwork, not her - as if she was embarassed. We're now suspicious of this guy and don't want our assets to go to anyone who has no intention of becoming part of our family. We want to set up some sort of trust that would delay or reverse it going to our daughter while he's around if something should happen to us (we're no spring chickens!). We think he'll be gone as soon as he finds out he's NOT getting our property, money, etc. In the meantime, we're thinking of making our godson beneficiary of all of our assets but we really don't want to cut our own daughter out - as we love her but just want to protect our assets until this guy leaves or marries her. Also , he drafted the whole document without an attorney - pretty wierd since they use an attorney for everything else but just had two friends witness the document. Could our daughter at some point reverse the document if she changes her mind?
What sort of will/trust can we utilize to protect our family assets? How much will it cost compared to say a closing?
2 Answers from Attorneys
A POA is valid during the grantor's lifetime and is revoked on her death. By giving him a DOA, your daughter potentially loses sole control of her property, during her lifetime. She can revoke anytime. If she insists on this advise her she is not getting anything and prepare a new will.
If the POA or DPOA was signed by your daughter, she can revoke it at any time. However, your concerns seem well founded. Because of the peculiar provisions of the POA and your concerns about bequesting property to her that will be subject to the POA, you should consider a revocable trust that addresses these concerns, naming your godson or other trusted individual as successor trustee. Obtain a copy of the POA for the review of an attorney who can analyze it to counsel you on concerns and legal options.
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