Many people, especially those who are young and healthy, often are too busy to prepare for the "what ifs" in life. "We know we should have a will and organize our important papers. But the reality is we often fail to make these chores a top priority - or we don't fully understand what this entails," says Matt Hager, a wealth management advisor with Fifth Third Bank. To help you prepare for the unexpected, he offers the following tips:

1. Obtain a will. A will is a basic estate-planning tool that spells out what should happen to your assets after your death. Without a will, state laws dictate who receives what. An attorney who handles estate planning can prepare a will for you. If you don't have an attorney, you can ask your colleagues, friends, accountant, or banker for referrals.

In addition to a will, an attorney can help you obtain other estate-planning documents:

• A durable power of attorney is a document that names a person to make financial decisions for you if you are unable.
• A durable power of attorney for health care is a document that names a person to make medical decisions on your behalf if you are unable.
• A living will is a document that specifies what medical treatment you want or don't want if you are unable.

2. Designate appropriate beneficiaries for insurance policies and retirement accounts. A beneficiary is an individual who is entitled to receive the policy's benefits if the owner dies.

3. Make sure jointly held assets and accounts are properly titled. Often a couple has joint bank accounts or shares ownership of a house or car. When assets and accounts are properly titled, the survivor automatically gains full ownership if the co-owner dies.

4. Store important documents in a safe place. Keep a copy of life insurance policies, bank account information, wills and other estate planning documents in a fireproof safe or safety deposit box. Also make sure both partners know where the documents are kept.

"Regardless of your age, health or financial status, I encourage everyone to take care of these important matters. In doing so, you can obtain a certain peace of mind in knowing you are taking care of those you love," adds Hager.

For more information on planning for the unexpected, contact Fifth Third at (866) 475-4201 or visit the Fifth Third Website.