As we get up in age, more and more, you start to experience that your friends have 
unfortunate events. Young people shouldn’t have health problems. But before you know it, we’re not so young. If you haven’t done it before now, you should have a plan.
Since none of us knows when tragedy might strike, it’s best to have a plan in place, in case the unexpected happens. A basic plan includes:
•A Will. A Will disposes of your property at your death through a court process called “probate.” Without a Will, your assets are divvied up among your blood relatives as determined by your state legislature. With a Will, you can alter this distribution and provide protections for your loved ones from their creditors, divorce, or even their own mismanagement. This document is the place you nominate guardians for your minor children. But, a Will only is effective at death and requires the court process, which may be more or less cumbersome depending on your state and the nature and extent of assets involved.
•A Property Power of Attorney. A Property Power of Attorney allows you to designate someone to act for you regarding your property during your life. It allows someone to manage assets in your individual name when you are unable to make the decisions yourself.
•A Healthcare Power of Attorney. This power designates an agent to make healthcare decisions for you when you are unable to make them for yourself.
•A Health Insurance Portability and Accountability Act (HIPAA) Authorization. This authorization designates who can access your protected health information. Without such a document, a hospital or other provider might not be able to tell your loved ones any information about your care, or even that you are in their care.
•A Revocable Living Trust. A trust holds title to property during lifetime. At your death or incapacity, your successor trustee manages the assets according to your instructions in the trust. Since the trust continues at your death, no probate process is required. Depending upon the state, this may save significant time and money and provide privacy which may be lost with probate. The trust may provide all the protections which a Will could provide, including protection from the beneficiary’s divorce, creditors, and mismanagement.
Prepare at least a basic plan. That way, regardless of what dangers lurk around the corner, whether expected or unexpected, you’ll be prepared.
Ben Winter, P.A. focuses its practice in the areas of Social Security Disability and Workers Compensation in St Petersburg, Florida. For more information, go to our web site www.benwinterlaw.com or call (727) 822-0100.