Man, do I hit a wide range of topics on this blog. Well, as you know, I’m an attorney and one of my practice areas is in the estate planning arena…I like to call it family life planning. One thing that I have realized in my practice over the last couple of years are that many people do not have an adequate plan for when something bad happens to you. This isn’t just when you die. A lot of people think of that. But what if you are just incapacitated for a short time. What if you’re in a car wreck and you fall into a coma? What happens to your bills. Who will take care of that stuff for you? Who can take care of that stuff for you?
I have worked with a lot of people who have had major issues come up because a loved one died without a will. Maybe I will tell some of those stories sometime – but it happens way more than it should.
Many people think that just because they are married all of their “stuff” will automatically pass directly to their spouse. At least here in South Carolina that is WRONG!
At a minimum, I believe that every person over 18 should have a few documents. First is a Will. This makes sure your assets pass to the people that you want them to go to, not who the law says they will go to. This also allows you to direct who you want to handle your affairs after you have passed away. If you do not leave a will evidencing those intentions, state law governs everything with regard to your assets and how and who they are transferred to.
The next document that you need is a durable power of attorney. This is the document that allows someone to handle your “business” if you become incapacitated. This is an extremely important document because I believe the statistics would show your are more likely to be injured and incapacitated rather than to die. This document makes sure someone can handle your affairs while your out of commission. This document is only good while you are alive, however, so that goes back to the importance of a Will.
Finally, you should also have a Living Will or Medical Power of Attorney. We all remember the Terri Schiavo case from several years ago. This was a well publicized case where there was no clear intent by Mrs. Schiavo of what happened to her if she was very ill and close to death. A Living Will or Medical Power of Attorney will allow you to either tell the doctors what you want to do if you are near death or you will give permission to an agent to determine what should happen. That way, you don’t have to worry about being kept alive (if you don’t want to be of course) and being put through court proceedings, etc. What a mess!
If you have questions about your plans, please don’t hesitate to let me know. It is important that you get those things taken care of. Scoot on over to my contact page and send me an e-mail.