Life has changed for many in the past few weeks since the outbreak of COVID-19. As more and more people contract the coronavirus disease, this pandemic has inevitably led families to worry about protecting those closest to them and many are taking the steps to do just that.
Working from home and avoiding social gatherings is becoming the norm. If wondering about whether there is anything else that can be done to protect family, just in case the absolute worst happens, here’s a few recommendations:
Now is the time to make a Will, a Health Care Proxy and a Power of Attorney. Now is the time to make sure other family members know that these documents exist and where they are located.
If a loved one falls seriously ill, the right legal documents must be in place to authorize other family to manage their affairs, administer their finances and make decisions regarding their health care if they are unable to act.
When someone dies without making a Will, the State intestacy laws dictate the beneficiaries of assets and the Courts determine who gets custody of minor children.
If estate planning documents are in place, one should review the current documents to make sure they are up to date and reflect their current wishes. Perhaps the Will was drawn up some years ago and the person appointed as Executor is no longer the best choice. Perhaps the Trust Agreement drawn up some years ago was linked to the now outdated federal and state estate tax exemption amounts.
Finally, make sure to review the beneficiary designations on life insurance policies, financial accounts and other assets. It may be time to make some changes to reflect your current life and wishes.
We are happy to arrange for video or phone conferencing to discuss your estate and determine what type of estate planning is appropriate for you and your family. Let us help you make the right decision today!
Serving families in NY & NJ