Another football season is upon us and with it, undoubtedly, another controversial discussion regarding concussions and the trauma inflicted on player’s brains. Getting your bell rung is no longer considered a badge of courage, but rather, a grizzly reminder of the potential ramifications of life after football.
Plain and simple, estate planning helps protect your family in the event that something bad happens to you, and yet, 55% of Americans don’t even have a last will, leaving them vulnerable to costly court fees and legal battles. Even though it’s predicated on incapacitation or death, estate planning doesn’t have to be morbid. In fact, it can actually be life-affirming, because the process will allow you to take a closer look at the people you care most about in life—and ensure their future happiness.
Whether you choose a will based plan or a trust based plan, your planning should also include a power of attorney, a designation of health care surrogates, and HIPAA releases. These planning tools may be overlooked, but their importance cannot be overstated. The power of attorney and designation of a healthcare surrogate will allow important healthcare and financial decisions to be made for you in the event of incapacity or death, while the HIPAA release will make sure your healthcare surrogate will have access to whatever he or she needs to make informed decisions. By planning for the future and using these various techniques, your family will be better protected from creditors and other hassles when the time comes. Get ahead of the other 55% and get an estate plan today. It’s never too early to plan ahead.
To be better prepared for sudden and unexpected sickness, incapacitation, or death, you will benefit from the following documents:
- Living Trust – the best way to maintain control over all of your assets and distributions, while avoiding the hassle, expense, and lack of privacy associated with probate.
- 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.
- 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.
- 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.
For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation, or visit our website at www.wfplaw.com.
It’s a Wild world. Are you protected? SM