Corona Virus and Estate Planning
Corona Virus and Estate Planning - Why is Now the Best Time to Get an Estate Plan?
While we are all spending more time at home and inside with our families, we’re faced with thoughts of our mortality. The uncertainty of life surrounding the COVID-19 novel virus raises concerns over what may happen if they were to get sick. As the country takes steps to reopen and resume our normal interactions of work, dining and activity, the concerns of many are still on top of mind.
A global pandemic is a perfect time to consider getting your affairs in order. It is best to be prepared by protecting assets in the unlikely event contracting COVID-19. Implementing an Estate Plan is an important and necessary step to ensure the transition of your assets.
Two of the most important documents in an Estate Plan are the Advance Health Care Directive and the Durable Power of Attorney. The purpose of these documents is to appoint a trusted individual with knowledge of your wishes to make medical and financial decisions should you not be able to express your wishes. The COVID-19 Virus is a serious illness with symptoms that can be extreme and potentially deadly. In San Diego County alone, there have been over 1,200 hospitalizations and 360 of those are in Intensive Care.
ADVANCE HEALTH CARE DIRECTIVE
The difficult decisions about emergency treatment or end of life options place a strain on your loved ones. By nominating an agent under an Advance Health Care Directive and outlining your wishes, you ensure that your requests are honored. Providing a level of structure and guidance to your family helping make these difficult decisions is a thoughtful step you can take while you are alive to ease the burdens on your family.
DURABLE POWER OF ATTORNEY
A Durable Power of Attorney allows your agent access to financial records and accounts should bills and expenses need to be handled while you are physically incapable. Surviving COVID-19 and coming out of the hospital with unexpected debt and unpaid bills that need immediate attention is an unnecessary stressor that can be easily avoided.
No one expects that they are going to die unexpectedly and some believe that we are all invincible. This Virus is showing us that it is not the case. People of all ages and health are dying. Hopefully, they have prepared; but for the younger generations it is likely that they have not put safeguards and structure of an estate plan in place to govern the distribution and management of assets and property. Being proactive and implementing a comprehensive estate plan is a practical decision that makes a conscious effort to ensure a smooth transition after your passing. The last thing you would want to pass along is added stress and extra work for your family.
Due to social distancing and the closure of businesses, the process of creating your estate plan is vastly different than it would have been six months ago. However, through the use of video conferencing services and mobile notaries, it is easier than ever to consult with an attorney and implement an Estate Plan.
About The Law Office of Natalie A. Miller
Natalie A. Miller is licensed to practice law in California. Information presented on US laws. This article is legal information and should not be seen as legal advice. The opinions contained herein are those of Natalie A. Miller and not of any other organization. The information contained herein does not create an attorney-client relationship nor a requirement that Natalie A. Miller take you on as a client.
