Top Estate Planning Tips in a Time of Coronavirus 2020/21
The Coronavirus pandemic has opened many people’s eyes to how quickly things can change. Many people hold off taking care of their estate because they think nothing bad will happen in the immediate future. They hold off looking for will lawyers or trust lawyers. However, as COVID-19 has shown us, you should not hold these matters off because anything drastic can happen. Sometimes, bad things happen when you do not expect it. It is the right time to look at your estate again. Knowing the top estate planning tips in a time of coronavirus that, should something like this ever happen again, helps you prepare. “Is there an estate planning lawyer near me?” is a logical question. You want to ensure to do everything correctly. Having an estate planning lawyer’s help is beneficial to get your desired outcome.
Why Now is the Right Time to Look After Your Estate
If you are over the age of eighteen, you need to look after your estate. Looking after your estate includes all property you own. The novel coronavirus has shown people that they need to take their estate seriously. However, estate planning does not mean you only have to focus on writing a will or starting a trust to protect your assets. It can comprise other elements, too, such as a power of attorney to handle financial decisions. Further, a health care proxy to help make your medical decisions should you become incapacitated. It is possible you already have some estate planning tools in place. First, make sure your documents are current and reflect your current wishes. If you have questions regarding a will or a trust, contact a trust lawyer or a will lawyer near you who can guide you through the process. During these pandemic days of social distancing, consultations are typically completed by phone or video calls.
Estate Planning Tips During the Coronavirus:
Is Using a Financial Power of Attorney a Top Estate Planning Tip in 2020/21?
One of the top estate planning tips in a time of coronavirus is using a financial power of attorney. A power of attorney is an estate planning tool whereby you can appoint someone else to act on your behalf. This person is called your Agent. The Agent acts on your behalf. Typical tasks include making financial decisions, such as managing your bank account. Other examples include managing real estate or filing taxes.
The reason for using a power of attorney during coronavirus times is accomplishing tasks during quarantine or an extended stay in a hospital. In these circumstances, it can be challenging for you to take care of certain financial obligations. Having an agent appointed by a power of attorney will help alleviate the stress.
How Can a Revocable Trust Help During Times of Coronavirus?
Another top estate planning tip in 2021 is implementing a revocable trust into your estate plan. An estate planning lawyer can help you design one that will be most beneficial to your circumstances.
Unlike other trusts, you can easily alter a Revocable Trust.
Additionally, a revocable trust avoids lengthy probate proceedings. Avoiding probate is especially valuable in New York or Florida.
How Can an Estate Planning Attorney Near Me Help with Estate Planning During Coronavirus?
An estate planning attorney is an important person to contact during the coronavirus. They will have the knowledge and expertise to know how to help you. With so much uncertainty generated by this virus, you may not know where to start with your estate.
An estate planning attorney will look at everything you have currently in place to protect your estate. If you have been holding off taking care of your estate, an estate planning attorney will help you get started.
Moreover, they will make sure that everything you have is updated to reflect your current status. Frequently, estate planning tools and documents are created and then forgotten. With the coronavirus causing anxiety in many people, it is best to make sure everything is as it should be. If it is not, then it should be updated.
Why is Making a Will Important During Times of Coronavirus?
A will is an important document to have because it will expressly dictate your wishes as to how you want your property distributed should you die. However, many people hold off on drafting a will for one reason or another. A will lawyer will sit down with you and discuss the best way to prepare your will.
Social distancing has made it much more challenging to meet your lawyer in person. But many law offices have methods to meet via phone or video call during the coronavirus. You will still be able to ask your questions and have a good discussion regarding your estate.
How Can You Have Witnesses to the Signing of a Will During Social Distancing?
Wills in most states need to have witnesses. Social distancing prevalent in many parts of the country makes gathering witnesses difficult. However, it is not impossible to secure a witness. If you practice social distancing, you can get family or friends to witness the signing.
How Can a Will Trust Lawyer Near Me Help During Times of Coronavirus?
Having a trust lawyer will help you create a trust to help protect your assets and property. An estate planning lawyer can help with the complex process of creating a revocable trust.
Should You Have a Discussion with Any Agents or Executors You Have Named in the Past?
Yes, discuss with any past named agents or executors as the lawyers at Morgan Legal Group can explain. For example, an agent makes decisions on your behalf, whether as part of a power of attorney or a health care proxy. You want to make sure they are still willing to do so. During the coronavirus, where an extended hospital visit could hinder you, having an agent is crucial to ensuring you get the care you need. An estate planning attorney will help you should you need to appoint new agents or executors.
We hope you enjoyed this short article about Estate Planning Tips During the Coronavirus. Feel free to reach out to us with your questions.