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Wills, Living Wills and Powers of Attorney -- Make Sure Your Wishes are Carried Out
By Judy Alexander, investment consultant for Pinnacle and Raymond James Financial Services, Inc.

No matter where you stand on the Terri Schiavo case - whether you believe her feeding tube should or should not have been removed - her case has a common denominator for all of us. It carries a compelling reminder of the importance of expressing end-of-life expectations in writing as part of a financial plan.

Thinking about our own mortality is not pleasant, but taking the time to prepare legal documents such as wills and powers of attorney will take a lot of pressure off your relatives if you are ever incapacitated.

So what steps do you need to take to ensure your wishes regarding your material possessions and your life are carried out?

• Draft a will. Two-thirds of Americans die intestate, which means they never wrote their wills. If you don't name your heirs, the state will choose them for you. If you still have dependent children, the state will name their guardians if you don't name them in your will.
• Consider drafting a living trust in addition to a will. If used correctly, a living trust can reduce inheritance taxes. It can spare your heirs the time and expense of probate court, and it can keep your estate private.
• Designate durable powers of attorney. A durable power of attorney for finances allows someone you trust when you're physically disabled or mentally incapacitated to sell your car, pay your bills and arrange for care. A durable power of attorney for health care allows someone you trust (under the same circumstances, above) to make health-care decisions for you, such as whether you should have surgery.
• Write a living will instructing physicians about your wishes regarding life support. You can specify which interventions you want and don't want, such as a feeding tube or respirator. Also consider whether you need a do-not-resuscitate order - a legal document letting physicians and paramedics know not to shock your heart into rhythm if it stops and not to put you on a respirator if your breathing stops.

Getting your estate plan and advance directives written are not the end of the process. Review documents every two to five years and reexamine them specifically when:

• Someone named in the will marries or separates
• A child is born, adopted or dies
• You move to a new state
• The needs of your beneficiaries suddenly change
• Your income or wealth grows substantially
• Tax laws undergo major change
• There is a specific reason to change guardians or executors

Documents such as wills won't do much good if you're the only one who knows where they are. Consider creating a master list of your important documents indicating where they are stored. However, refrain from making multiple copies of everything and stashing them in multiple places - such a practice increases your chance of becoming an identity theft victim and could create complications for your executor if you fail to update all files correctly.

You should discuss any legal matters with the appropriate professional.

For more on wills, powers of attorney and living wills, check out these planning resources:

• Tennessee Commission on Aging, www.state.tn.us/comaging/publication.html
• Tennessee Bar Association, www.tba.org, click on "for the public" and then "wills, estates, living will and long-term care."
• Legal Aid Society of Middle Tennessee and the Cumberlands can also mail you forms. Call 244-6610 or 1-800-238-1443.

Securities products and investment advisory services offered exclusively through Raymond James Financial Services, Inc., member NASD/SIPC, and are: Not FDIC Insured * Not Bank Guaranteed * May Lose Value

Any opinions are those of Judy Alexander and not necessarily those of RJFS or Raymond James.

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