SCANDAL is back, and is gaining heat with its steamy performances. The third season premiered this Thursday, with significant growth; showing a 57% increase in viewers. The ABC drama stars Kerry Washington, also known as Olivia Pope – the fierce crisis mitigator who protects the images of the nation’s public figures, including the President, whom she is having a running on and off affair with.
Unfortunately, when it comes to real life, we can’t exactly call on “Olivia Pope” to run around fixing our problems. We can, however, mitigate future crises by planning ahead.
Consider the following estate planning documents as a means to “Olivia Pope” your life:
1. Living Trust – a living trust has become increasingly desirable due to its ability to avoid probate (the legal process of determining whether a will is valid). If you are married, you may want to designate yourself and your spouse as co-trustees, so that you have full control over the property while you are still alive. Side Note: such control does have tax consequences, so you will want to discuss this with your estate planning attorney.
2. Assignment of Property – this is exactly that, assigning your property to your trust. In other words, placing your property into the trust. This includes both real & personal property. A trust does not do anything for you if there is no property in it.
3. Last Will & Testament – this is your traditional will that is used upon death to distribute property to beneficiaries, specify last wishes, and name guardians for minor children.
4. Durable Power of Attorney – this allows you to designate and authorize someone to legally act on your behalf, in the event that you become incapacitated.
5. Combination Living Will & Designation of Healthcare Surrogate – this outlines important healthcare decisions in advance, and appoints a healthcare surrogate to make healthcare decisions for you when you become unable to do so yourself.
What would Olivia Pope do? She would be equipped for tomorrow’s unexpected! For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation.
It’s a Wild world. Are you protected?SM