While it is easy to roll our eyes at the circus surrounding the death of Anna Nicole Smith, that very circus should actually be a lesson to all of us. While most of us will never have the assets that come from marrying a billionaire octagenarian, a few simple and obvious steps will still avoid our own version of the "Anna Nicole Show".
Inventory all of your assets, cash, investments, real and personal property. Consult an attorney to prepare a will addressing the distribution of that property and, if necessary, issues such as guardianship and trusts for minor children. At the same time, consider executing a power of attorney so that a trusted friend or relative can attend to your affairs in the event that you are not able. Likewise, prepare and execute a living will and a health care proxy. A living will sets out instructions and wishes for your medical care in the event that an injury or illness prevents you from expressing those wishes. A health care proxy is, in effect, a power of attorney for medical decision making, again allowing a trusted relative or friend to make decisions if you are not able.
Such simple steps will avoid much of the melodrama currently unfolding in a Florida courtroom.
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