Estate Planning During COVID 19
We are all living in uncertain times with unprecedented risk. With COVID-19 running rampant many lives have been flipped upside down. Fortunately, there are ways that you can take back control of your life. Not only is estate planning during COVID 19 a surefire way to keep things in order, it’s also a sensible course of action. In essence, while in the throes of a global pandemic it’s prudent to have your future and those of your loved ones accounted for.
In addition to providing peace of mind, creating an estate plan will also help you assess your financial, health, and asset protection needs. Unfortunately, many records become obsolete due to inactivity. Studies show that 86 percent of pertinent documents fail to be updated. You can easily avoid falling into this category by making your estate planning attorney privy to ongoing developments. Below you’ll find additional reasons why estate planning during COVID 19 is in your best interest.
If you’re sent to the hospital for COVID-19 concerns or other health issues, it’s essential for your loved ones to stay in the know. What’s more, if you live in a nursing home and are being relocated due to COVID-19 your family members need to be informed. With an updated estate plan you can be sure that the appropriate contacts will be notified. Your estate plan will outline who’s authorized to make medical and health decisions. Doing this will ensure your well-being isn’t left in the hands of strangers.
Have Your Needs Changed?
If so, it’s crucial that you modify your estate plan. Would you like your trustees to change? Is your family to be contacted first if anything changes with your health? Who is your designated power of attorney? Have you appointed a guardian for your children? These are all questions that you’ll want to ponder when establishing or adjusting your estate plan. While amid an economic and health crisis you’ll find great comfort in knowing that everything will unfold according to your exact plans.
It’s equally important to enlist the help of a trusted friend or family member. Consider creating a list of financial professionals and estate planning attorneys that you’ve been working with. If you’re unable to act on your own behalf your proxy will be able to tend to these affairs. What’s more, you’ll want 24/7 access to your healthcare agents. If you’re admitted to the hospital you’ll need to have this information on hand. The American Medical Association claims that 67 percent of people don’t have the contact information for their healthcare agents readily available. As a seasoned estate planning firm we’ll help you prepare for all of life’s greatest uncertainties. As a result, you’ll remain safe and protected throughout all unknowns.
Execute on Estate Planning with Dalton & Finegold
Dalton & Finegold can help you minimize your legal risk by executing on your estate planning needs. Our estate planning attorneys can provide you with a plan so that you and your loved ones are protected during these uncertain times. We are devoted to ensuring that each client’s estate planning needs are custom tailored for their situation. Give us a call today and we can provide you with expert advice during COVID – 19.