The novel coronavirus continues to spread out of control in the United States and across the world. In the United States, at-risk communities have been hit especially hard. However, the novel coronavirus does not only pose a threat to the elderly and those with chronic health conditions, but also younger demographics. This is especially true for younger people who may not realize they have an underlying health condition, such as diabetes, cancer or HIV.
You should consider updating or creating an estate plan – regardless of your age or access to health services. Our blog can provide a couple of suggestions for updating an existing estate plan or creating a new one.
Create an Advance Health Directive in Colorado
An advance health directive allows you to specify your last wishes should you pass away. During a pandemic, we cannot stress enough how important it is to set up an advance health directive before you get sick.
If you do not set up an advance health directive, such as a medical power of attorney or living will, then doctors will have no way of knowing which types of medical treatments to pursue or not pursue if you are incapable of communicating. Other people could make medical choices on your behalf.
There are several types of advance directives you can create with the help of our estate planning attorney. Advance health directives in Colorado may include:
Contact our Colorado estate planning attorney to learn more about these options.
Create a Financial Power of Attorney in Colorado
This is somewhat similar to a medical power of attorney. However, in this case, you grant an executor the power to make financial decisions on your behalf if you become incapacitated. You can grant another party the legal authority to take care of your financial affairs, such as paying bills on time or managing your investments.
Put Your Financial Affairs in Order
Do you have an IRA, 401(k), properties, a life insurance policy, or other types of investments? You should create an estate plan that establishes which beneficiaries will receive these properties or funds should you pass away during the pandemic.
Additionally, you should ensure these accounts match the beneficiaries you have named in an existing estate plan. A Colorado estate planning lawyer at our law firm can help with these matters.
Create a Last Will and Testament or Living Trust
You can establish which beneficiaries will receive your assets by creating a will and living trust. These documents stipulate how you want your assets and wealth distributed after your death.
You should work with an estate planning attorney to create these documents if you have not already done so, as failing to set up a will or trust could create problems for your family if you do not survive the pandemic. Your assets and wealth would go through probate court. If you were to pass away without a will or trust, the probate court would decide how your assets are distributed.
Contact Us for More Information
Do you have questions about updating or creating an estate plan during the pandemic? You can contact us for assistance creating a living will, trust, and/or advance directives. To schedule a consultation with us, call (720) 770-3880 or use the contact form on our site.