The Novel Coronavirus (COVID-19) outbreak has altered many areas of everyday life. The most obvious changes involve business closures and supply shortages. However, perhaps less obvious, is the affect this novel virus could have on the status of your estate plan. While your everyday life may seem precarious at the moment, taking extra precautions can protect your assets from this uncertainty. It can also protect yourself and your loved ones from the unexpected later. Our Centennial estate planning lawyers recommend getting your affairs in order by drafting or reviewing the following documents.
Last Will and Testament or Living Trust
Both a will and a trust offer protections for your assets. These documents allow you to outline how you want your assets and wealth distributed once you have passed away. With uncertainties surrounding the coronavirus right now, it is a good time to draft these documents if you have not already done so. Passing away without a will or trust means that the local courts will determine how your assets will get distributed.
Medical Power of Attorney
A power of attorney is a person who you designate to manage certain affairs for you if you become unable to do so yourself. For example, a medical power of attorney would make medical decisions on your behalf. This usually happens when a person becomes mentally incapacitated and cannot make rational decisions. With the current coronavirus outbreak still ongoing, designating a medical power of attorney may be a wise decision at this time.
Financial Power of Attorney
Similar to a medical power of attorney, a financial power of attorney would manage your affairs on your behalf if you become incapable of doing so for yourself. This can involve making sure your bills are being paid on time or appropriately managing your investments.
Important Financial Accounts
Certain financial accounts, like an IRA, 401(k) or life insurance policy, also deserve consideration at this time. These types of policies allow you to name beneficiaries who will receive the policy proceeds after you pass away. It is important to note that naming beneficiaries for these accounts in your will or trust may not be enough. You should make sure that these account documents name the right beneficiaries and that these designations match what you have in your will or trust. Discrepancies between these documents can cause problems later on.
Prepare for Coronavirus Uncertainties With Help From a Centennial Estate Planning Lawyer
The uncertainty that the coronavirus brings may have you on edge about the future. However, one way to alleviate these worries is by taking practical steps now that will protect your assets. Drafting or updating your estate planning documents is one way to prepare for the unexpected. A Centennial estate planning lawyer at Skipton Law, LLC can help you get started. To schedule a consultation, give our office a call at (720) 613-2633 or leave us a message online.