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Home » Bedlam Blitz » COVID-19 IS YOUR ESTATE PREPARED?

COVID-19 IS YOUR ESTATE PREPARED?

March 25, 2020
Amber Ragland

 

In only a few weeks, the Coronavirus 2019 (COVID-19), outbreak has changed the world in completely unprecedented ways.  We can help flatten the curve and allow the health care system to adequately treat this novel disease by, staying home when possible, practicing social distancing, and taking all safety and health precautions recommended by the CDC and World Health Organization.

In a world of uncertainty and at the mercy of a disease that we do not yet fully understand, the most responsible thing that we can do for our family is to be prepared.  Below are some essential estate planning tasks that can protect you and your family, should an expected illness or death take place.

Make sure your documents are current and reflect your wishes. The most fundamental part of the estate plan is to make sure that the documents in the plan carry out our wishes. With that in mind, now would be a great time to review your existing documents to ensure they reflect your current thinking. Specifically, you should answer the following questions:

  •  Are the named executors (in your will) and trustees (in your trusts), as well as all successors, suitable, able, and willing to serve?

  • Do the provisions of your will and trusts direct that your property to pass to the people and/or charities you wish?  Will they benefit in a manner that reflects your wishes and the needs and best interests of those beneficiaries?

  • Have there been any major life changes since you last executed your estate planning documents?  Such as changes in marital status, births/deaths, changes in residence, major purchases or sales of assets, or acquisitions/sales of property located in another state or country.

  • Are the beneficiary designations on your retirement accounts and life insurance policies up to date?

  • Do you know where your original will and trusts are located?

Make sure your advance directives are up to date and that you have copies available.  Your advance directives express your wishes and authorize your agents to make medical and financial decisions for you in the event you are unable to do so. Review these documents to ensure that they reflect your current wishes and name the persons who you trust will be able to tend to those matters on your behalf. In addition, make sure to discuss your health care wishes with your agents so that, if necessary, they are prepared to make decisions that reflect your wishes. For instance, consider whether you want heroic measures, to be taken if you cannot breathe on your own.

Focus on your estate plan if you have not yet done so. Many people put off on starting, or delay completing, their estate plans while trying to finalize some difficult decisions. As the current crisis reminds us, we never know exactly when we will need our estate plans. Therefore, focus on completing your plans to the best of your ability.  Remember that you can make changes in the future.

Check Your Guardian Designations. It is critical for you to have guardians designated in your estate plan if you have minor children.

Update List of Passwords and Digital Information. We are living in a digital age now more than ever.  This is a good time to create an inventory of your online accounts and digital files.  You should also include your login IDs, passwords, the answers to any security questions.

 

You Are Not Alone.  The COVID-19 pandemic does not discriminate.  Everyone is at risk and is experiencing it in different ways.  We are all in this battle together.  We are bombarded daily with an overwhelming amount of news, articles, medical updates, state and federal government orders, and relief bills.  Don’t try to process all of this information on your own.  The attorneys at Bedlam Law are trained to sift through what is important and applicable to your situation. We are here to help.

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Filed Under: Uncategorized Tagged With: Covid-19, Estate Planning, Covid-19 Estate Planning, Covid-19 Advanced Directives

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Yukon, Oklahoma 73099
(405) 232-2444
info@bedlamlaw.com

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