The Importance of Estate Planning During the COVID-19 Pandemic
“Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.”
The continuing escalation of the COVID-19 pandemic has forced many people to finalize estate planning documents, even as their estate planning attorneys are working from home. People are coming to terms with the stark reality: they could be struck by the disease and need to have a plan in place, reports the article “Estate Planning In The Age Of Covid” from Financial Advisor.
Reevaluating Wills, Trusts, and Gifting Techniques
Essential Estate Planning Documents to Review
Power of Attorney: Protecting Financial Affairs
This legal document gives a person you name the authority to handle financial affairs and protect property by acting on your behalf, if you become incapacitated. Some of the typical tasks of your “agent” are paying bills, writing checks, selling or purchasing assets or signing tax returns.
You may name any competent adult you like. However, be certain to choose someone trusted who will put your interests above theirs. This person should possess common sense, ethics and financial acumen. Someone who lives near you, will be able to handle matters more expeditiously. Someone who is far away, may not be as effective. You should also name a back-up or secondary agent.
With no power of attorney, no one will be authorized to act on your behalf and your family will need to have the court appoint a conservator, which will take time and money.
Health-Care Proxy: Ensuring Health-Care Decisions
Last Will and Testament: Safeguarding Your Assets and Family
Living Trust: Providing Flexibility and Privacy
Utilizing Estate Planning Tools for Your Legacy
Minimizing Taxes and Preserving Wealth for Future Generations
There are many estate planning tools that may be used to pass wealth to the next generation, minimize taxes, and ensure that your legacy continues, even during these unprecedented times.
Reference: Financial Advisor (June 16, 2020) “Estate Planning In The Age Of Covid”
Estate Planning Legacy Planner
Everyday, we work with people who have lost someone they care about. There is so much these folks have to organize and manage. This planner organizes the information they will most need, in our experience, saving so much time and unnecessary cost. Besides organizing your information, it's so important to have a good estate plan that will keep your family out of court and conflict.
Please use the button below to receive a free copy of our Estate Planning Legacy Planner, an organization tool essential to any estate plan designed to help your loved ones take care of you and handle your affairs.