Estate Planning During A Pandemic
A worldwide pandemic may seem like a great excuse to get your Estate Plan in order but, the fact is, everyone should have their Estate Plan in order regardless of a looming threat of illness. We have all been a bit uneasy lately with the what-ifs when it comes to the state of our health. Every cough, sneeze, and itch in my throat for the past few weeks has received a close (albeit amateur) self-medical analysis for anything other than a cough, sneeze, or itch. Each analysis leads to inevitable scenarios in my mind for the dreaded “what if”. With all these what-ifs running around in my head creating anxiety, I find relief that there is one thing that I do not need to worry about, how my affairs will be handled if the “what if” becomes “what now?”
Getting your affairs in order is not something that should wait for a time when it will be needed soon, or needed now. The truth is, if you already need it, it may be too late. Anyone who is over the age of 18 should have some minimum estate planning in place. Though you may not have much wealth accumulated at 18, your estate plan consists of more than just passing your wealth to the next generation. A good estate plan includes not just a Will and a Trust, but also powers of attorney at a minimum. Everyone over 18 should have in place their Financial Power of Attorney and a Health Care Power of Attorney. During the current crisis, these documents can allow someone to assist you in making medical decisions if you are quarantined sick at home, admitted to the hospital, or incapacitated in any other way. That same person can be on hand to assist you to handle your banking and keep your bills paid for you.
If you have the powers of attorney in place at a minimum, you are in a good place, and you can sleep soundly knowing that there is someone appointed and ready to help you handle your affairs if needed. Add a simple will and a Trust for those that need it and you won’t find yourself asking “what now?” and neither will your family. If you do not have these documents in place, please consult a local attorney or contact us at Naimish & Lewis, APC. We are here to help. [Disclaimer]
