Coronavirus and Estate Planning
With the recent spread of the COVID-19 (coronavirus), people are rightfully concerned about health and safety, the economy, and personal finances. For many, especially those who have been putting it off, it is also serving as a reminder to get their estate plans in order.
If you do not have an estate plan, consider getting these basic estate planning documents in place: Last Will and Testament (Will) or Revocable Living Trust, Power of Attorney for Health Care Decisions, Power of Attorney for Financial Decisions, and Living Will.
If you have an estate plan, now is good time to review your estate planning documents and ask yourself the following:
- Will or Trust
- Is the executor of your Will or successor trustee of your Trust still able and willing to serve in this capacity?
- Are the beneficiaries named in your Will or Trust still your intended beneficiaries? Did you name contingent beneficiaries and remote contingent beneficiaries?
- Does a beneficiary have a situation, such as disability, substance abuse, possible divorce, that might require special distribution planning?
- Trust Funding
- If you have a revocable living trust, are your assets properly transferred to your Trust? If your Trust is not properly funded, your estate, or part of your estate may go through probate.
- Beneficiary Designations
- Are the beneficiary designations on your IRA, 401k, life insurance, and annuities still your intended beneficiaries? Did you name contingent beneficiaries?
- Health Care Power of Attorney
- Is your health care agent, the person appointed to make health care decisions for you if you cannot give informed consent yourself, still able and willing to serve in this capacity?
- Have you recently moved? Is your Power of Attorney current and does it comply with state law?
- Financial Power of Attorney
- Is the person appointed to manage your assets if you incapacitate and unable to manage your own assets, still able and willing to serve in this capacity?
- Have you recently moved? Is your Power of Attorney current and does it comply with state law?
- Living Will
- Do you have a Living Will in place? If so, does it clearly state your wishes regarding whether or not you want to be on life support?
- Is the person you appointed still available and able to carry out your wishes?
Barfield Law, LLC is available to assist you in creating an estate plan to meet your specific goals, or to review your existing estate plan to ensure your documents are current.
