Planning for death or incapacity may not be something that is typically on the forefront of our minds and can often be pushed to the backburner as we tackle our daily lives. Have you considered, however, the fact that the COVID-19 crisis and the risk it has imposed on many members of the community may have forced more Americans to face the reality that they should make sure they have a plan in place for the possibility that they suffer a tragedy such as a severe case of this new virus?
Every year in October is Estate Planning Awareness Week, and estate planning practitioners try to raise awareness of the importance of creating a comprehensive estate plan and executing key documents meant to protect you, your family, and your assets in the event of your death or incapacity. This year, in light of the pandemic, the week seems to hold extra significance.
Due to social-distancing and other restrictions imposed as a result of COVID-19, it may be even more difficult for families to gather and make financial and healthcare decisions during a crisis. This may be one reason why now, more than ever, it can be essential to have a comprehensive estate plan in place.
It is important to remember that estate planning does not just involve creating a will or a trust to handle the transfer of your assets at the time of your death, although these legal tools can be important to have in place. Estate planning can also address what type of health care you wish to receive if you are incapacitated and unable to speak for yourself, who will care for your minor children, and who can make financial decisions for you if you are unable to make them yourself.
In addition, estate planning can provide guidance on how you can protect your business in the event of your incapacity or death, how you can create trusts for long term care planning or caring for a family member with a disability, and much more.
For help meeting your estate planning goals, our office is here for you, even and especially during the Covid-19 pandemic. Get in touch with us today to schedule a meeting.