Many times after someone falls ill or passes away, the family members go on a hunt for an advance medical directive, power of attorney, will or other estate planning documents, or the contact information of an attorney who might know about them.
It is great to have all your estate planning documents complete and current. But the work and expense doesn’t do much good if key people don’t know about the documents and have access to them. There can be consequences when key elements of the estate planning package and other important information are not known immediately or accessible to your loved ones, especially if you fall ill. Medical and financial decisions and actions will be delayed or won’t be made by the people you wanted. To avoid these problems, especially during this pandemic, you should put together a “go package” of essential estate plan items and have the package readily available. Be sure your loved ones know about it and where to find it. It’s even a good idea to leave it near the exit of your home that’s used the most. If you need to go to the hospital, the package is there for you or someone else to grab on the way out the door.
Pandemic (covid 19)
An outbreak of disease that occurs over a wide geographic area, as multiple countries or continent, and typically affects a significant proportion of the population.
The impact of Pandemic has affected humans in many ways, with quarantine and social distancing order, the pace of life has changed.
While this unprecedented time has been undeniably difficult, it has given many people a chance to spend more quality time with loved ones. It has also provided a space for thoughtfulness, reflection and reevaluation regarding what’s really important in life: family, health, happiness.
Go package on essential Estate Planning.
An estate plan doesn’t do much good when key people don’t know about it or have access to key documents and information. That’s become more apparent during the pandemic as people suddenly become ill and incapacitated. This is the major reason where go package on estate planning must be put to pracrice.
- Medical power of attorney/advance medical directive.
The medical documents are the most important for this package. Without the documents, the hospital and doctors don’t know your wishes for medical treatment or who should help make decisions.
- Insurance card and it’s related information.
These might include a Medicare card and information about any Medicare supplement and Part D prescription drug coverage.
- Financial power of attorney,
- living trust agreement.
Essential factors in estate planning during covid 19
Is Your Existing Plan Up To Date?
If you already have an existing estate plan, you’re one step ahead of the game. Many things can change during the course of life, whether they be regarding your assets or beneficiaries, and your estate plan should reflect those changes.
Marriage, divorce, the purchase of a new home, the birth of a child or grandchild or a death in the family are just a few examples of life events that warrant updating your will or trust. It’s also a good idea to revisit your plan every three to five years.
Don’t let pandemic act as a deterrent that prevents you from prioritizing your end-of-life planning. These uncertain times should be a strong reminder that anything can happen no matter how secure things feel. Estate planning should be inclusive, accessible and affordable for all because everyone deserves peace of mind.
Is Your Will or Living Trust Up to Date?
The first step in estate planning is making sure that you have at minimum the following documents: a will, durable power of attorney, and patient advocate designation. For many, a living trust will be the centerpiece of their estate plan, allowing for an orderly management of assets during times of incapacity, the avoidance of probate, and the orderly distribution of assets at death. Even after these documents are in place, they should be reviewed and updated, as appropriate, every few years.
Have You Been Procrastinating?
Procrastination is not only normal, it’s absolutely understandable. No one really wants to think about the end of their life. However, the alternative is that something happens to you before having a proper plan in place. That’s why it’s time to put your procrastination to a stop.
Creating a trust or will so you can nominate guardians for your children, decide how your assets should be distributed after your death and specify your final arrangement wishes can help you gain peace of mind and get back to enjoying life.
Are Your Loved Ones Protected?
you are protecting your loved ones in the case something were to unexpectedly happen to you. Here are some key areas to cover in your trust or will:
• Defining arrangements for important family keepsakes and items.
• Laying out a plan for long-term health care.
• Naming guardians for minors and dependents.
• Communicating final wishes, funeral arrangements and burial requests.
• Clarifying the distribution of assets.
Your estate plan can also include policies that help provide your family members with a budget to help pay for health care, end-of-life expenses or outstanding debts.
If you would like to learn more about the necessity of estate planning as regards the Pandemic, please contact any of our estate planning attorneys today.