Ex-NBA star Lamar Odom was found unconscious, vomiting and foaming from the mouth last week in Las Vegas, Nevada. Since his admission to the hospital, blood tests revealed that both cocaine and opiates were found in his system and he had suffered from an overdose. Odom’s initial condition was listed as critical and he was comatose for most of the week. Luckily, his condition has improved significantly and he is now awake and breathing on his own. Still, Odom’s mental state may not permit him to make his own financial and medical decisions. This tragedy reminds us of how important it is to make certain that all of the necessary healthcare documents are in place and that your estate plan in up to date.
Whether you have never considered an estate plan before or if you have an older plan in place, now is the time to visit our South Florida office for a free consultation. Life is unpredictable and changing constantly. Therefore, it is important to have an estate plan that is updated accordingly with these changes. By creating an estate plan, you are ensuring that your loved ones and the wealth you have accumulated are both protected. The most desirable way to accomplish this goal is by creating a living trust. Since the trust will hold your assets, they will not be subject to the lengthy and costly process of probate. Instead, your assets will be distributed in a manner you deem appropriate and to whichever beneficiary you desire. Unlike a will where your wishes become public record upon your death, the content of your trust will remain private. The trust based plan will also include all of the necessary healthcare documents, such as:
Durable Power of Attorney: Appoint the individual you see fit to make all of your financial decisions, should you become incapacitated or otherwise unaware of your surroundings.
Designation of Health Care Surrogate: Designate a healthcare surrogate to handle your medical decisions, should you become incapacitated or otherwise unaware of your surroundings.
Living Will: An important document that allows your healthcare surrogate to give the doctor the necessary authorization to “pull the plug” if you are being kept alive by artificial means.
Lamar Odom’s tragic event is proof of how fragile life can be. Prepare yourself for the unpredictable by calling the South Florida firm of Wild, Felice & Partners today for your free consultation.
It’s a Wild World. Are you protected? SM