By Golda Smith

Life is a bunch of roses until something unexpected happens. How prepared are you and your family when life throws you a curve ball? Here are three documents you must have if you want to sleep well at night.A Will
A will is a legal document that states how you want your assets to be disbursed you’re your death. ___% of families do not have a will. When you die without a will, it is known as intestate, this means your state will decide how your property is disbursed. If you do have a will…great; however, this is what you need to know. A will only goes into effect upon your death. In addition, if you die with only a will, it must go through probate court. This can be a long drawn out, expensive and very public process.

A Revocable Living Trust
A revocable living trust has a lot more muscle than a will. This document allows you to accomplish two things. First, you can transfer ownership of any asset to the trust while you are still alive. Secondly, it allows you to name a trustee (the person who will manage the assets for you). The main advantage of the revocable living trust is that it side steps the whole process of probate court.  Again by avoiding probate court you can allocate possessions immediately, potentially save thousands of dollars and maintain your privacy.

Durable Power of Attorney for Health Care (DPOAHC)
A DPOAHC does two things. First it tells health care providers the level of medical intervention that you want in the event that you are unable to speak for yourself and secondly it appoints someone to advocate your wishes if you cannot. The best example that I can give is Terry Schiavo. When Terry was 26 years old she suffered a heart attack that left her in a permanent vegetative state. Her husband wanted to take her off life support however her parents wanted the exact opposite. The drama that ensued was played out on a national platform, in the legal courts and the court of public opinion. If Terry Schiavo had a DPOAHC her wishes, not her husband’s or parents, would have been carried out quickly and privately.

Now if you already have these documents, congratulations! When was the last time you looked at them? Are the beneficiaries updated? Do you need to add or delete anything or anyone? Pull them out today and make your wishes known.

Golda Smith is a Primerica Financial Services representative, writer and stay-at-home mom. For more information, visit www.primerica.com/goldasmith

Talk Back

Have questions or a comment? Share your thoughts in the reader comment section below.