The pandemic has caused more harm than imagined; however, with careful measure and safety precaution we could altogether overcome this deadly virus. 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 about.
Estate planning documents to include in your estate plan
- Last Will
Wills are a basic yet very powerful estate planning document. With a will, you can leave assets to whomever you wish to benefit from your estate. To draft an effective will, we consider all your assets, including those you own outside New York and those best left outside a will.
- Power of attorney
This document is used to authorize a trusted agent to make financial decisions on your behalf during incapacity. This agent, known as your attorney-in-fact, will step into your shoes to manage your estate, bound by law to always act in your best interest.
- Healthcare proxy
A healthcare proxy, just like the power of attorney, allows you to appoint an individual to make medical decisions on your behalf when you can no longer make them yourself. It is also known as medical power of attorney. It prevents your family from arguing about the kind of healthcare you would have wanted since you have authorized only one person to make decisions for you.
- Living will
On your living will, you write down instructions on what you want or do not want during a near-death condition. If you desire or do not desire resuscitation, life support, or organ donation, you can say so on your living will and your instructions will be strictly adhered to.
- Living Trust
A living trust is a very powerful document by which you can avoid probate. Assets held therein will pass to your named beneficiary without any court involvement, and the transfer is immediate; no time wastage, no court expenses. We can combine a trust and a will depending on the nature of your estate for the best benefits.
Adaptive measures used to create estate plans during the pandemic.
Before the outbreak of the coronavirus pandemic, people planned their estate by conducting one-on-one meetings with estate planning attorneys. Everyone went about his or her business without any restriction. However, with the breakout of the virus, movement became restricted and workers had to conduct meetings via platforms such as Zoom, Skype, and the likes.
Remote witnessing
For your will to be valid, it must be signed by at least two witnesses who must both be physically present at the time of your signing the will. However, due to the coronavirus pandemic, this kind of social gathering is not ideally possible anymore. To adapt to the situation, the New York State governor Andrew Cuomo signed an executive order on April 7, 2020, to allow remote witnessing. In this case, individuals can “witness” your will, trust, healthcare Surrogates, and statutory gift riders through a live-video.
Bottom line
With the outbreak of the coronavirus pandemic, there has been several measures put in place to mitigate the spread of the virus. One of these methods is the social distancing rule. So, if you aren’t ok with scheduling a meeting with us, you can decide to take part in our virtual meeting. In this meeting, you have the chance to ask us questions or talk about your need regarding your estate.
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 Manhasset New York for your estate planning projects.
Contact our estate planning lawyer to help you in this trying time.
Because of the coronavirus outbreak, some governments went ahead to create a new legislation which makes it possible for witnesses to be present either physically or virtually. As a result, will which are witnessed through platforms like Zoom and the likes will be considered as valid. This legislation was introduced in England and wales.
If you need a competent estate planning attorney for your estate, you are at the right place. Our estate planning attorneys are qualified; they also boast of the experience needed to help you craft an ideal estate plan in this trying period.