With the coronavirus still enjoying little dominance in some parts of the world, there is the urgent need to rejig your estate plan (if you have one already) or plan one with the virus in mind. Below are some things to put in mind when planning your estate during the coronavirus period.
Estate Planning and Coronavirus
As the deaths from coronavirus escalates, people are putting necessary plans in place to ensure that all is set for their family and loved ones if something terrible happens to them. Ever since the pandemic became serious, there have been an increase in calls made to estate planning attorneys. People are updating what needs to be updated, selling what needs to be sold, preparing what needs to be prepared, filing what needs to be filed and so on. With rise in death toll, no one knows their faith and the best way to ensure that they rest peacefully if at all anything happens, is to plan their estate.
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 about.
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.
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.
Create a plan: Some people believe that an estate plan is all about filling out some forms and providing the names of beneficiaries. Estate planning is actually more than most people think it is. This plan consist of an array of directives stating one’s last wish. It consist of a power of attorney, a living trust, a will, etc., all of which are created by effective planning. With the help of a competent estate planning attorney, your estate plan will contain all the needed ingredients.
Proofread your documents: You don’t want to make any error when drafting your estate plan. Even if the estate plan was prepared with the help of the best estate planning attorney on the planet, still go ahead and proofread it yourself. No one is perfect you know, and a simple error can ruin your estate plan. So, ensure you take out time to proofread your documents regardless of who prepared them.
Need an estate planning attorney?
Planning an estate can be a complicated process. It involves a lot of paperwork and legal documents like power of attorney, trust, will, etc. Thus, if you want to plan your estate the right way, it is important that you contact a professional.
An estate planning attorney can help you in several ways. This professional can help you plan your estate and help you create the necessary estate planning documents. If you need to update your estate plan, this professional can be of help as well. Also, if you have concerns or questions, contacting an estate planning attorney is the best way to find answers.
We boast of competent estate planning attorneys who can help you navigate the tough estate planning process. Simple get in touch with our office so we can offer you or your loved ones our professional services.
