The onset of the Coronavirus pandemic necessitated a rapid societal shift, prompting many individuals to re-evaluate their priorities and proactively secure their futures and those of their loved ones. While contemplating mortality is inherently challenging, planning for it is an essential component of responsible financial and personal stewardship. Proactive engagement with Estate planning is paramount, ensuring the preservation, management, and equitable distribution of your assets in the event of death or incapacitation. The pandemic profoundly altered daily life, with virtual technologies enabling remote work, education, and commerce. While estate planning may have initially seemed daunting under lockdown, virtual processes proved to be remarkably effective.
Initiating Your Estate Plan
Once immediate health concerns are addressed, it is prudent to turn your attention to your estate plan. If you have not yet established one, now is an opportune moment. Without a formal estate plan, the distribution of your assets will be determined by state law, potentially leading to outcomes that do not align with your wishes or the needs of your beneficiaries.
Appointing Key Representatives
A cornerstone of effective estate planning is the selection of an executor. This individual will be entrusted with the responsibility of administering your estate according to your will. It is crucial to choose someone you trust implicitly and who possesses the diligence and integrity to fulfill these important duties.
Optimizing Financial Account Designations
Upon your passing, the probate process will validate your will and manage certain assets. However, not all property is subject to probate. For instance, assets with a designated beneficiary, such as those with a payable-on-death (POD) designation, can be transferred directly to your chosen recipients without the need for probate. Updating these designations on your bank accounts is typically a straightforward process, often manageable through online portals.
Developing a Comprehensive Estate Plan
Many mistakenly believe that estate planning merely involves completing basic forms and naming beneficiaries. In reality, robust estate planning encompasses a broad spectrum of directives designed to articulate your final wishes. This includes essential documents such as powers of attorney, living trusts, and wills, all meticulously crafted through strategic planning. Engaging a qualified estate planning attorney ensures that your plan is comprehensive and includes all necessary components.
Meticulous Document Review
Precision is vital when drafting your estate plan. Even with the assistance of a highly experienced estate planning attorney, it is imperative to thoroughly review all documents yourself. Errors, however minor, can have significant consequences for the execution of your estate plan. Allocate sufficient time for a comprehensive proofread, regardless of who prepared the documents.
Adapting to Remote Witnessing Requirements
Historically, the legal execution of a will required physical presence and attestation by at least two witnesses. The COVID-19 pandemic presented significant challenges to this requirement. In response, executive orders, such as the one signed by Governor Andrew Cuomo, were enacted to permit remote witnessing for wills, trusts, healthcare proxies, and statutory gift riders via live video conferencing. This innovation allows for the essential witnessing process to occur remotely, ensuring that individuals can finalize their estate documents safely. It is important to note that beneficiaries named within the will cannot serve as witnesses. Therefore, external parties, likely not residing in your household, are typically required.
Consult Our Estate Planning Attorneys
The global health crisis spurred numerous public health measures, including social distancing guidelines. Recognizing these challenges, we offer virtual consultations to accommodate your needs and ensure your estate planning can proceed without undue risk. These virtual meetings provide an opportunity to address your questions and discuss your specific estate planning requirements.
For expert guidance in crafting a sound estate plan, our firm is uniquely positioned to assist. Our dedicated estate planning attorneys possess the legal acumen and extensive experience necessary to navigate this complex landscape and develop an optimal plan for your future, especially during these unprecedented times.
