Estate Planning - Protect Yourself and Your Loved Ones
Everyone has all been affected by the coronavirus in some way, even if completely healthy. You may feel like your circumstances are spinning out of control but you are not powerless. There are steps you can take now to protect yourself and your family both physically and financially.
First, we you can do your part to prevent the spread of the virus by being cautious in our interactions with others, especially those that are most vulnerable to illness. There is no doubt that COVID-19 is very dangerous for some people, but thankfully a large majority of people have not become sick, and most of those who have, are recovering completely.
Our wellbeing and that of our families have been brought into focus by the endless news reports about the COVID-19 and highlights the importance of planning for when the unexpected happens.
A second step you can take to ensure the welfare of your family is to pull out your estate planning documents and review them to make sure that they still reflect your wishes and accomplish your goals.
In reviewing your documents, ask yourself these important questions:
Would your Will or your Trust still achieve your goals? Have you specified how you want your money and property distributed to the beneficiaries you have chosen?
Are the people you named to act as your executor or trustee are still your top choices? If you have a revocable living trust, who did you name to be your co-trustee or successor trustee to step in to manage the money and property held in the trust even during your lifetime if you are unable to do it yourself.
Are you still comfortable with the people you have named to be your agents under your medical and financial powers of attorney? Are all of these individuals currently available to act as your agent given the current travel restrictions, stay-at-home orders, and self-quarantines?
Does your living will or advance directive still accurately reflect your wishes? This legal document spells out your wishes concerning end-of-life care, for example, whether you would like to receive life support if you are in a persistent vegetative state or have a terminal condition. Do your family members have a copy of it or know where it can be found?
Do you need to modify or update the beneficiary designations of your retirement accounts and insurance policies?
You are well prepared, if you have these documents in place! But, if your estate plan needs updating or if you don’t have an estate plan, this is something you can do today to prepare for the future. Having put procedures in place to safeguarding your health during this current health crisis, we are happy to meet with you by phone or videoconference.
Our goal is to help you have peace of mind about the future—regardless of the circumstances. The health crisis will be over eventually, thankfully, but right now, are still here for you:
Take action to ensure the best plan is in place to provide for your care and for your family and give Charleston Estate Planning Law Firm a call 843-971-3391