We all need one! Your personal wishes are often unheeded. Without a will, any property title in your own name will pass pursuant to Florida law and may not necessarily go to those you intended.

Be careful! Joint ownership does avoid probate but will not avoid estate taxes. Also, assets held as joint tenants with right of survivorship will go to the joint owner regardless of what your will says.

Few do and that causes undo stress for all. While no one wants to discuss this unpleasant thought the fact remains that 2 out of 5 people will have some period of incapacity during their lifetime. Some of this planning includes the preparation of a Health Care Power of Attorney and Living Will and preparing a Durable Power of Attorney. The Durable Power of attorney is one of the most important documents for you to consider. It is a very simple and inexpensive way to avoid the stress and cost of a guardianship proceeding in court.

Long-term healthcare insurance is a very popular and effective tool for defraying the cost of catastrophic illness. While Medicaid may be a viable option, all too often there are endless restrictions imposed in the ability to be eligible. Also, Medicaid only covers nursing home care, not care at home.

I hope not. Leaving all your property to your spouse does avoid estate taxes on the death of the first. However, such a plan wastes the first-to-die's $675,000 exemption. Proper planning allows both spouses the use of their $675,000 exemption, allowing them to shield a total of $1,350,000. That is a great deal of money. Do not waste it through poor planning.

The living trust is only a tool for avoiding probate and guardianship if your assets have been transferred into the name of the trust. Do you know what a living trust is? You owe it to yourself and your loved ones to find out. It could save your estate a great deal of money and heartache.

If you do, it will be included in your estate for estate tax purposes. You may want to consider transferring the ownership of the policy to the beneficiary or to an Irrevocable Life Insurance Trust.

Keep all your important documents in one convenient place and let someone know where that is. Times of high stress and crisis are not the right times to be wondering where you put these papers.

While most people will choose a close family member, some people do consider a bank or trust company because of their professionalism, neutrality and expertise.

Does your will say that your 35-year-old son is going to live with Uncle Sam if you die? No one likes to think about life's harsh realities, so they prepare an Estate Plan, put it away and forget about it. Changes in the law, your health, and family require that you periodically review your Estate Plan. Do not assume anything. Check it out!