Critical Estate Planning Documents to Have in Place in Light of COVID-19
The COVID-19 outbreak has many of us worried about our health, our family, and our money. We need to ensure that, no matter what happens, our family will be protected. Having a well-drafted estate plan in place can give you the peace of mind that comes from knowing you have done everything you can to protect your family and your money from life’s uncertainties. And now, more than ever, our lives are full of uncertainties.
I know many of us have imagined the worst case scenario – you become ill, you’re quarantined at home or you’re hospitalized, and you’re no longer able to pay your bills, care for your children, or make your own medical decisions. Do you have the proper legal documents in place to protect your family in this situation?
Without the necessary documents, your family may have to go to court to get legal authority to manage your money, care for your children, and make your medical decisions. Because local courts are closed due to the COVID-19 crisis, there could be significant delays, leaving you and your family unprotected.
What critical documents should you have in place to protect yourself, your family, and your money?
1. Healthcare Power of Attorney – This document authorizes someone you trust to make medical decisions for you, or help you make decisions, in the event you are unable to communicate your own decisions due to illness or incapacity.
2. Living Will – Your living will expresses your wishes concerning life-prolonging measures. Would you want a feeding tube or machines keeping you alive if you are in a coma and your doctor has determined that there is no reasonable likelihood for you to recover?
The healthcare power of attorney and living will together are referred to as an Advance Medical Directive.
3. Financial Power of Attorney – A durable financial power of attorney authorizes someone you trust to manage your money and your property. The person you select would have the legal authority to sign your checks, pay your bills, make bank deposits, and otherwise manage your assets.
4. Guardianship and Emergency Medical Authorization for Minor Children – If you (and your spouse, if you are married) become ill and are unable to care for your children, it is important that you have legally appointed someone you trust to care for them and make their medical decisions.
5. Last Will and Testament and/or Revocable Living Trust – What will happen to your money and your property if you pass away? Who will ensure that your final bills are paid and your assets are protected and managed for your loved ones? It is important to have an up-to-date will or trust in place to ensure that your family is protected in the event of your death.
How can you create your estate plan in the midst of the COVID-19 outbreak while maintaining social distancing?
Leitner Law Group attorneys and team members are working remotely to serve the needs of our clients during this unprecedented time. We are available for telephone and video conferences, as well as by email. Contact us at (540) 442-7700 or cleitner@leitnerlawgroup.com to get started. Let us help give you the peace of mind you deserve during this difficult time.