ESTATE PLANNING CONSIDERATIONS DURING COVID 19 STAY AT HOME ORDERS
Many of us are finding ourselves confined to our homes or other secluded places trying to stay healthy and avoid contracting the Coronavirus, aka COVID 19. Some of us are working remotely from our homes, while other essential employees required to report to their jobs are taking essential precautions to avoid exposure to the virus. Our kids are moving to online learning with the likelihood of schools reopening this year fading away. Some have used the extra time off to clean and unclutter living areas, garages and basements, while others tackled clearing up old accumulated stashes of papers or started their outdoor spring projects.
Here is something else to consider which is likely more important than many of the tasks listed above, estate planning. Are all of your estate planning documents in order, and do you and your family know where they are stored? When did you last review them to make sure they still comply with your wishes? We sincerely hope that everyone is currently healthy and focused on protecting yourselves and your loved ones from the immediate threat of the virus. This is also an opportunity, however, to reflect on your plans to ensure that you and your loved ones are protected and cared for in the future. Estate planning is much more than a Last Will and Testament which distributes your assets after you pass. It is also preparing for long term illnesses and potential memory deficits that will prevent you from caring for yourself in your final years. We recommend that every person of legal age have each of the following documents:
- A Last Will and Testament;
- A Living Will/Advance Directive;
- A Power of Attorney;
- An Appointment of Healthcare Representative; and
- Designation of Conservator.
For More Information:
- Why You Need a Will
- A Complete Estate Plan
- Planning for Life's End
- Estate Planning, Just the Beginning
These are the basic documents of an Estate Plan. You can start preparing now by completing a questionnaire in advance by emailing [email protected] and requesting an appointment. Our firm does not charge a fee for an initial consultation for Estate Planning documents, and the consultation can be done over the telephone, Skype, FaceTime, or a Zoom conference video call.
Social distancing is the new norm, but you can use this time to prepare for the future.