On Saturday, America watched as 2014 Kentucky Derby and Preakness winner California Chrome came up a head short of winning the Belmont States and becoming the first horse to capture the Triple Crown since 1978. Although California Chrome was a heavy favorite heading into the race, a foot injury suffered coming out of the gate quickly derailed the horse’s chances of a victory. While not many of us here in Florida will have a horse vying for the Triple Crown in our lifetimes, California Chrome can teach us a valuable lesson: our best-laid plans can change in an instant. Don’t be unprepared in case something goes wrong in the race of life.

An unexpected injury like the one California Chrome suffered could lead to far worse consequences than simply not winning a competition. If you are injured or incapacitated in Florida without having a durable power of attorney, your family may be unable to make all the important decisions or sign necessary documents. Without the designation of a healthcare surrogate and a living will, you may find yourself receiving care that goes against your wishes.

In the worst-case scenario of a death, proper estate planning is even more important. If you die without a correctly executed estate plan in place, Florida law will determine how your property is distributed, regardless of your desires. By using a living trust to distribute the assets, not only will you have complete discretion over who gets what, you will be able to avoid probate, making for a smoother transition for your loved ones during this tough time in their lives. Of course, if you are going to use a living trust, don’t forget to assign property to it (otherwise, it won’t do you any good.) We can never know what obstacles we will encounter along the way, but with preparation and proper estate planning, you can rest easier knowing you won’t come up just short at the end of the race.

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