At its outbreak, the Coronavirus pandemic sent everyone into panic mode and literally everyone who had no plans began to initiate ways of securing theirs and the future of their loved ones. Estate planning can be complicated; it is not one of those basic DIY tasks. If you fail to make a good estate plan, you may be risking the future of your family as well as properties. You need to hire an estate planning Lawyer for your estate planning projects.
Strategies to Estate Planning in a COVID-19 World
Plan Your Estate Early
The coronavirus pandemic may discourage several people from planning their estate due to fear of contracting the virus. If you are among these people, you need to remember that life is full of uncertainly. No one knows when death will arrive. Therefore, you need to be courageous and plan your estate for the sake of your future and those you care for. Call an estate planning lawyer and make inquiry about their virtual estate planning option.
Select your representatives
To plan an estate, you are required to select an estate executor. An estate executor is that individual who will act on your behalf after your demise. You must ensure that whoever you’ll be chosen can be trusted.
Be Calm and Draft a Plan
The pandemic is making most people feel like the end of the world id near. People are panicking. Death tolls are increasing day by day. No one knows who’s next. Of course, I understand that this is a trying time, but if you want to make it past this dark hour, you must ensure that you know what is happening. You are encouraged to get facts regarding the outbreak from the Centers for Disease Control (CDC) for recent updates and the best strategies to reduce exposure. As soon as you have handled your risk of exposure, you can then look at the future by evaluating your estate plan. If you are yet to draft an estate plan, now is the best time to do so. Remember, if you die without an estate plan, the state government will dictate how your estate will be shared and this might affect those you care for.
Update your bank accounts
After your demise, probate will be done to determine the validity of your will among other things. Not all of your properties will undergo probate. For instance, with the payable-on-death designation, some of your property will be distributed to beneficiaries without undergoing probate. In most cases, designating a beneficiary is as easy as logging onto your online bank account and inputting the individual’s contact details.
Documentation of all your digital assets
Make an accurate documentation of all your digital assets; log in usernames and passwords as well as their location. To enable you keep all of this information in one place, you may set up an account with a digital password manager.
Create your health care proxy early.
A health care proxy cannot be created by an individual who is plagued with a mental or medical defect which has affected their ability to understand things, such an individual would no longer be able to legally sign and draft a valid health care proxy. If an individual doesn’t meet the legal capacity standards to execute a health care proxy due to a mental or medical issue, it is too late to have one created.
Apply for Medicaid.
Medicaid is mainly designed for those who cannot afford the expensive cost of private care and those with certain disabilities. As said earlier, it is also meant for seniors, and low-income families. If you are a senior, it is best you apply for Medicaid. However, before you do so, don’t hesitate to contact a Medicaid attorney in your state, as he should be able to explain, as you will need the help of a professional to better understand how it works.
Estate planning lawyer can draft an estate plan that makes everything easy for your family; no probate, no huge estate taxes or anything that can cause complications for them. We all hold our family at high esteem. In fact, one major reason why people create an estate plan very early is because of their family. You see, to create an estate plan that can protect your family, you need to hire a competent estate planning lawyer.
Contact our Estate planning lawyer
With help, you can plan your estate smartly. Planning now for the future with an estate lawyer would never be regretted. Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles. Contact an estate planning lawyer today.