Estate Planning in a Crisis: What’s Essential and What Can Wait?

In light of the COVID-19 pandemic, many are thinking about estate planning and how to prepare for the unexpected. Estate planning is one of those things that a lot of people put on “Someday Island,” thinking they’ll get to it eventually. The coronavirus, on the other hand, has caused people to think about their estate plans more thoroughly. One of the things to point out right off the bat is that estate planning is not just about our eventual passing. When we talk about estate planning, we’re talking about “if anything happens” this includes while we’re living, such as the possibility of incapacitation. It may not be the most comfortable topic, but it’s important to know how to navigate the obstacles created by coronavirus/COVID-19 to create an estate plan that preserves your estate and wishes during times of crisis.

Reasons for Estate Planning Procrastination

Estate planning is not just about eventual death it’s very much about what happens while you’re alive, as well. One of the most important documents I’m going to cover is the healthcare power of attorney. If you become incapacitated, you need these documents in place beforehand to dictate your level of care and make things easier for you and your heirs. These important legal documents must be in place before the need arises when the need arises, it’s usually too late to do anything. One of the most common reasons is that the estate planning procrastination is thinking there’s plenty of time. The thing is, there isn’t plenty of time. Again, these documents take time to draft and must be in place before something happens and none of us know when something will happen. Estate planning actually doesn’t have to be a complicated or intimidating process. And the costs have come down considerably in the last decade or two.

Estate Planning Options

Estate planning is important because it allows you to select trusted individuals to manage your money and property after your passing, as well as to make decisions on your behalf when you can’t while you’re still living. Furthermore, estate planning allows you to decide the loved ones you want to receive your money and property after you’re gone.

This estate planning package includes documents like:

• Living trust
• Pour-over will
• Durable financial power of attorney and durable medical power of attorney
• Physical directive
• Declaration of guardian
• Schedule of gifts
• Final instructions

Topics: Estate planning, Real Estate Investments, COVID-19

Work cited: Michael Bowman, May 04, 2020

If I can help in any way please let me know, [email protected]. Stay Safe & Healthy.