As the world battles the coronavirus pandemic, it's easy to feel anxious and uncertain. Estate planning is one way to take control and make plans that will protect you and your family. Find out how an estate plan can help you get through this crisis.
Ready to start your estate plan?
Excellent
by Jane Haskins, Esq.
Jane has written hundreds of articles aimed at educating the public about the legal system, especially the legal aspe...
Updated on: February 17, 2023 · 3 min read
With the coronavirus raging and most of normal life cancelled, many people are struggling with fear and anxiety. One way to cope, mental health professionals say, is to take control and make plans. Staying home, sanitizing, and scheduling Zoom calls with friends can help. But you can also ease your stress and protect your family by looking at the big picture and making an estate plan.
You don't have to be wealthy or have an "estate" to benefit from estate planning right now. Knowing you have a plan in place can give you peace of mind long after this pandemic has passed. And if you have extra time on your hands right now, an estate plan may be the ideal project. If you already have an estate plan, this is a good time to pull it out and make sure it's up to date.
Powers of attorney put someone in charge if you're unable to make decisions or take care of personal business. They can be especially important now when many hospitalized patients have limited ability to communicate with the outside world. There are two types of powers of attorney in a typical estate plan.
Also, consider having powers of attorney for any child over 18. Without one, you'll probably have no authority to make decisions, communicate with healthcare providers, or handle finances for your young adult children.
A living will, also known as an advance directive, gives instructions for the care you'd want at the end of your life. It's a grim thing to contemplate, but a living will can be a huge help to family members and healthcare providers who must make decisions in dire situations.
Living wills are a standard part of most estate plans. Hospitals and other organizations also offer living will forms that don't require you to pay any legal fees for estate planning.
Many people think of a will as a document that describes who gets your possessions if you pass away. And it does serve that purpose. But by going through the process of preparing a will, you can do much more to protect your loved ones and make sure your wishes are carried out.
People often put off estate planning because it's time-consuming, and no one wants to think about illness or the end of life. But right now, it's impossible to avoid the coronavirus, and many of us are struggling to fill the time we used to spend working, shopping, and socializing. The planning you do now can ease your worry and protect your loved ones for years to come.
You may also like
Why Do I Need to Conduct a Trademark Search?
By knowing what other trademarks are out there, you will understand if there is room for the mark that you want to protect. It is better to find out early, so you can find a mark that will be easier to protect.
July 31, 2024 · 4min read
What Is a Power of Attorney (POA)? A Comprehensive Guide
A power of attorney can give trusted individuals the power to make decisions on your behalf—but only in certain situations.
August 29, 2024 · 20min read