Here are some emergency estate planning actions to consider: though it may be hard to not panic when the grocery store shelves are empty, the number of confirmed cases of COVID-19 keeps rising, and we see sobering statistics across the globe, we will not overcome this challenge with a panicked response.
Nonetheless, there are certain things we all need to be doing right now, and your public health officials are the best resource on how to stay personally safe and help prevent the virus from spreading.
When it comes to the seriousness of this outbreak, however, there also are some critical estate planning decisions you should make, or review, right now.
To test your readiness for emergency estate planning, ask yourself these questions:
- Who will make medical decisions for me should I become severely ill and unable to make these decisions myself?
- Who will make my financial decisions in that same situation? For example, who will be authorized to sign my income tax return, write checks, or pay my bills online?
- Who is authorized to take care of my minor children in the event of my severe illness? What decisions are they authorized to make? How will they absorb the financial burden?
- If the unthinkable happens, what arrangements have I made for the care of my minor children, any family members with special needs, my pets, or other vulnerable loved ones?
- How will my business continue if I were to become seriously ill and unable to work, even remotely, or in the event of my death?
These are the most personal decisions to make right now to protect yourself and your loved ones during this crisis. Now is also a good time to ask yourself if you have plans in place for the smooth transfer of your assets and the preservation of your legacy.
We are ready to help you through the process of updating your emergency estate planning decisions, understanding the ramifications of your choices, and memorializing your plans in binding legal documents. We are currently offering no-contact initial conferences remotely if you prefer. Book a call now and let us help you make the right choices for yourself and your loved ones.