SYLVIA BROWNE, the psychic who used her paranormal abilities for detective work, died this Wednesday at the age of 77. She was revered by many for her psychic demonstrations on shows such as “Unsolved Mysteries,””Loveline with Dr. Drew” and “The Montel Williams Show.” Recently, however, she received some backlash for telling a woman that her daughter, the then missing Amanda Berry, was dead. Berry was later rescued from the home of Ariel Castro, along with several other young girls.
Among her many psychic skills was the ability to predict death. The renowned Silvia Browne could foresee her own death, but for most of us less-paranormal folk, we don’t get much of a warning. However, we can be prepared for the unknown with the following Estate Planning documents:
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.
If you can’t predict your future, plan for it! 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