Our Estate Planning Blog
Many people are taking this time at home during the COVID-19 crisis to update their estate plan. Here are six critical estate plan components you should focus on, in light of the current pandemic.
In today’s digital age, in which seemingly anything that matters is stored virtually in the cloud, a physical safe deposit box comes across as a relic of the bricks-and-mortar past. However, don’t be too hasty to dismiss the importance of keeping certain valuables securely tucked away in your bank’s vault.
Covid-19 or Coronavirus has created health worries and fear for everyone. For those with underlying health issues, which include multiple sclerosis, Parkinson’s disease, Alzheimer’s disease, or other brain diseases, those concerns are even more pronounced.
Though most people who contract COVID-19 experience mild symptoms, it doesn’t hurt to be prepared if you do need to be hospitalized. It can feel scary thinking about getting sick or not being able to make decisions for yourself, but an estate plan is meant to ease your fears. After all, wouldn’t you feel better knowing that the burden of making health and financial decisions will never fall on unprepared family members?
What steps can be put into place to ensure an adult child, who makes poor decisions, will be secure after the death of the parent?
Before taking a closer look at revocable and irrevocable trusts, it helps to know what a trust is. In simple terms, it’s a legal agreement that allows you to transfer assets to the ownership of a trustee.
What should you do to plan for an emergency where you were incapacitated and not able to make your own healthcare decisions?
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
Estate planning design and implementation is not only complex but can be highly emotional. Therefore, it’s important to have a basic understanding of the estate planning process, before approaching a professional.
As part of your financial and estate planning, you should make arrangements for your care, in case you become incapacitated.
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