Critical Estate Planning Documents To Have In Place During The COVID-19 Outbreak

Protect Your Family, Protect Your Money, Protect Your Property.

With the outbreak of COVID-19 the risk and unfortunately growing reality for many is the possibility of being hospitalized, incapacitated, and no longer able to pay your own bills, manage your assets, or even make your own medical decisions.

If the worst should happen and you were to become incapacitated without the proper Estate Planning documents in place, you and your family could be at serious financial and medical risk.

Without the correct documents in place, your family may have to seek a court order to get the legal authority to make medical and financial decisions that you can no longer make yourself. In the current COVID-19 climate, this is a serious and potentially life-altering concern. Further, the courts are closing and placing serious restrictions on the number of people allowed in the courtroom at one time. As a result, the process to get the legal authority to make those necessary critical decisions on your loved one’s behalf could potentially take months if you do not have the proper Estate Planning documents in place.

With some simple Estate Planning, you and your family can be protected from situations such as these. There are five critical Estate Planning Documents to have in place during the COVID-19 outbreak to protect you and your family.

Healthcare Power of Attorney

  • A healthcare power of attorney allows someone you designate and trust to make medical decisions on your behalf in case of a serious medical emergency or incapacitation.

Living Will

  • A living will records your medical wishes, such as medical treatment you would or would not want in certain situations, as well as CPR, artificial nutrition and hydration, pain relief, and more. This document can provide relief for your family members who otherwise would have to make these difficult decisions on their own without knowing your wishes.

Durable Financial Power of Attorney

  • A Financial Power of Attorney makes sure your family has access to your finances to be able to pay bills, medical expenses, and apply for insurance. You can choose a trusted individual to be your Financial Power of Attorney giving that person the right to legally act on your behalf to sign checks, make deposits, pay your bills, contract for medical or other professional services, purchase insurance for you, and more.

Guardianship

  • If you have children under the age of 18 years old, you need a guardianship to make sure your children are taken care of by someone you trust. A Guardianship will allow you to legally appoint someone to trust to take care of your children if you are no longer able to care for them yourself.

Revocable Living Trust

  • A Revocable Living Trust will protect your money, property, and assets with a Trust so your family will be taken care of if the unthinkable happens and you pass away. A Revocable Living Trust is similar to a Last Will and Testament, a Living Trust allows you to pass your money, property, and assets on to your loved ones in the event you pass away. The difference is that a Revocable Living Trust allows you to plan for situations where you become incapacitated and can’t make decisions on your own. A Revocable Living Trust becomes effective the moment it’s signed while you’re still living. In the alternative, a Will only becomes effective after you pass away.

If you are interested in getting your Estate Plan in place so you can have the peace of mind that your family, money, assets, and property will be taken care of, we can help. Our goal during this difficult time is to keep you and your family safe; therefore, for your convenience, we are offering consultations by phone, web, or video so that you don’t have to travel. We can do everything for you remotely! Please feel free to call us today at 616-608-7149 to schedule your free consultation.

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