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Estate Planning During a Pandemic: Steps to Take
The coronavirus pandemic has certainly caused havoc and concern for many people, particularly in regard to their health and their finances – and these two areas intersect in estate planning. So, if you haven’t drawn up your estate plans yet, or you think they may need to be revised, now may be a good time to act.
This suggestion is not strictly based on issues of morbidity – after all, the vast majority of people who contract COVID-19 will survive. However, even if you never become ill or need to be hospitalized, wouldn’t you be glad to know your affairs are in order? If you already have estate plans, you may need to revisit them if your family situation has changed because of marriage, divorce, remarriage, new children, new financial goals, and so on.
Of course, estate planning can be complex, so there’s not a “one size fits all” approach. Nonetheless, here are some of the most commonly used documents and arrangements:
All these estate planning tools can be complex, so before taking action, you’ll need to consult with an attorney and possibly your tax and financial advisors, too.
However, during a pandemic, you may encounter a special challenge: Documents such as wills and powers of attorney typically need to be notarized and witnessed – and that may be difficult during a time of social distancing and self-imposed quarantines. But this problem may be solvable because many states have now enacted executive orders or passed laws that permit “virtual” notarization and witnessing of legal documents.
In any case, if the coronavirus pandemic has raised your concerns about the legacy you’d like to leave, take the time now to launch or update your estate plans – you’ll be glad you did.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones.
Estate Planning During a Pandemic: Steps to TakeShort /Radio version:
PSA: Estate Planning During a Pandemic: Steps to Take
TBA: July 2, 2020
Words: 191 (excluding FA’s name, address/phone number)
The coronavirus pandemic may never affect your health – but you’ll still want to ensure your affairs are in order. Now may be a good time to establish your estate plans or revise your existing ones.
Ideally, these plans should allow you to achieve two key goals of equal importance. First, you’ll want to arrange for someone to make health care and financial decisions on your behalf if you become incapacitated. And second, you’ll want to make sure your assets will be distributed in the way you intend.
To accomplish these goals, you’ll need to create a variety of documents and arrangements, possibly including a last will and testament, a living trust, a health care surrogate, a financial power of attorney and a living will. You’ll also want to update beneficiary designations on your financial accounts and insurance policies.
These estate planning tools can be complex, so you’ll need to consult with an attorney and possibly your tax and financial advisors, too.
If the coronavirus pandemic has raised your concerns about the legacy you’d like to leave, take the time to launch or update your estate plans – you’ll be glad you did.
This is (FA’s NAME), your Edward Jones financial advisor at (Branch address or phone #).
Number of Words:191