Estate Planning During Covid-19

As we navigate life during this unprecedented time, many of us are rethinking our estate plan. If you have an estate plan in place, now is a good time to reread your estate planning documents in the event any changes are required. Items to consider include:

• Do I have the correct documents in my estate plan to accomplish my wishes?

• Are there any changes or updates that need to be made to my existing documents?

• Has my personal life, family life, or financial life changed prompting updates to my estate plan?

• Will my estate avoid probate?

• Have I discussed with my accountant or financial planner any tax liabilities that my estate may face? Can those be minimized or avoided?

• Are beneficiary designations updated?

For those of us who do not have estate planning in place, the below list include basic documents that should be considered.

Power of Attorney for Healthcare: if I am ill or hospitalized, who should work with my physicians to make my healthcare decisions? Should I have a living will in place regarding the administration/restriction of nutrition, fluids or medicine? Do I have specific wishes related to my healthcare or end-of-life decisions that I wish to make known?

Power of Attorney for Property: if I am unable to manage my financial affairs, who would I appoint to manage my real and personal property in my stead? Are there any specific instructions or restrictions I wish to include?

Will: who is my executor? Do I need guardians of my minor children? Are there certain items or accounts that I wish to leave to a specific person?

Revocable Trust: at what age would l like my beneficiaries to receive funds? Who should I name as Trustee to manage these assets?

Real Property: who should receive my real property upon my passing?

No two estates are identical, and a discussion with an estate planning attorney should give direction and peace of mind regarding your end-of-life decisions and wishes. Please call us with questions or to set up an appointment to discuss your estate plan in more detail: 815.491.8065.