In times of uncertainty, it’s natural to begin thinking about the future, whether your affairs are in order and if your loved ones and assets are protected should something happen. COVID-19 has highlighted just how important it is to protect all you’ve worked so hard for and those you love. An estate plan is meant to ease your worries, should something happen. While estate planning is of utmost importance to us always, it is even more important during these unprecedented times.
Important Documents Included in an Estate Plan:
Will: This is a written legal document that states how you would like your property and assets distributed after your passing. You can assign your property and assets to family, friends or charity. In addition, you can assign guardians to children under 18 years of age. A will ensures that your specifications are carried out after your death.
Living Will: Also known as a health care proxy, a living will regards the medical care you wish to receive if you become terminally ill and are on a life support system.
Living Trust: A living trust enables you to avoid probate in court. Probate can last as long as three years and can be quite pricey. Avoiding probate saves time and a headache. It also can help you avoid certain estate taxes.
Power of Attorney: If you are unable to manage your estate or financial decisions yourself, this document designates someone to manage them for you. You can determine when the appointment goes into effect, whether it’s immediately, a set date in the future or under specific circumstances.
The “what-if” situations are tough to think about, but we must be prepared to deal with them. Now with plenty of time cooped up at home, it is the perfect opportunity to execute your estate plan. Contact our attorneys today for more information or to begin your estate plan firstname.lastname@example.org.