How Can Covid Impact My Estate Plan?

The Covid-19 pandemic continues to affect individuals and families throughout the country. During the last two years, many people started thinking about their futures and the type of financial security they require in their lives. Business owners reevaluated how they run their businesses and handle their finances.

If the pandemic taught us anything, it’s that the unexpected can happen. It’s crucial to consider the effect of a life-altering illness or death on surviving loved ones.

As part of this process, your will lawyer may advise creating an estate plan or modifying any existing documents to ensure that they are up to date and reflect your current wishes. Taking steps to plan for a catastrophe will give you peace of mind knowing your assets and your loved ones will be protected when you’re gone.

Getting Started

Whether you need to make changes to your estate plan or create one from scratch, there are various documents you should include to protect your assets and ensure that your family carries out your final wishes.

Last Will and Testament

A will becomes active upon your death. You can include information regarding the assets you own and who you want them transferred to when you die.

Designating beneficiaries in your will can ensure they receive the assets you want to leave behind, such as motor vehicles, homes, bank accounts, and pensions.

Revocable Living Trust

A Last Will and Testament requires your loved ones to work with the probate court to administer it. If you would prefer to avoid the expensive and time-consuming process of probate, you should consider using a revocable living trust.

Like a will, a trust allows you to determine in advance who you want to manage your affairs for you, and to whom you want your assets to go along with any protections or restrictions you want to place on receipt of those assets.

However, unlike a will, it has the added benefit of allowing your loved ones to do this without having to go through probate.

Financial Power of Attorney

A financial power of attorney (POA) is an excellent tool for allowing someone access to your finances. If you become incapacitated and can’t make decisions for yourself, your appointed agent can make important financial decisions on your behalf.

Your agent can manage things like paying your bills, completing business-related transactions, and accessing the necessary funds for your medical care.

Healthcare Power of Attorney

A healthcare power of attorney (also called an Advance Directive) is a way to allow someone else to make medical decisions on your behalf if you cannot communicate your wishes. The person you authorize to use your medical POA should be someone you trust. They must know your preferences regarding medications, end-of-life care, and other significant medical decisions and be willing to act on them.

If Covid impacted your life and prompted you to think about creating an estate plan or amending your current documents, consult a will lawyer today. Our legal team can review your needs and assist you with drafting the necessary documents to protect yourself and your family if tragedy strikes.  Contact our office at 888-719-5589 to schedule a consultation.

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