ESTATE PLANNING CONCERNS IN A PANDEMIC
- posted: Jul. 28, 2020
We have been experiencing this Corona Pandemic since March 2020. Everyone would agree this has been a year like no other one in living history. Our life has changed maybe forever. So far, there seems to be no going back so we have to be prepared for an uncertain future.
On the positive side, given this year’s volatile political climate and the pandemic, it is amazing how well things have held together. We have had almost a complete change or closure of many of our cherished institutions but our society keeps going and adapting. How do these changes effect us in estate planning and elder law?
Strained Court System: Going to the courts is much more physically risky especially for elders until we know better how the Corona virus works.“Non-symptomatic spreaders could make personal appearances court difficult and can be very dangerous.
Estate Planning If courts are not safe now especially for elders, we want to avoid them if possible. That means we need to do additional estate planning. One traditional way to stay our of court and probate is to use a Living Trust instead of a will. Make up a Estate Planning Portfolio with all your estate planning documents.
Advance Care Directive: Allows someone to make medical decisions for you if you are unable to. Give a copy of the advance care directive to your primary care doctor and put one in your estate planning portfolio. An Advance Care directive is important to have, but it does no one any good without access to it.
Durable Power of Attorney: Allows your agent (attorney in fact) to sign documents for in your place even if you are ill or disabled. Also go to the bank and have them put that agent on your checking account where you receive your social security or pension payments so that the agent can get to the money if you become disabled.
If you have any questions on estate planning please call us at 866-214-7267.