What You Should Know About Estate Planning For Coronavirus (Covid-19)
With the rapid spread of the coronavirus now a global pandemic, we all have an obligation to take action to prepare and protect our loved ones from this horrible infection. The Center for Disease Control and our public officials are doing a good job of helping to educate us about the spread of the virus. However, despite all the effort to contain this outbreak, a growing number of people each day are infected with the virus in many countries around the world. So, while we continue learning more each day about this infectious disease, we need to think about other potential effects it could impose on us, if infected.
For many people, it is hard to think about mortality. But making proper arrangements with estate planning for coronavirus is a critical tool you can use to assure that your wishes are carried out not only in the event of death but also, incapacity. There are four legal documents you can use to protect yourself and your loved ones. Our estate lawyers are here to help you understand what they are and how they can help you plan ahead for the coronavirus pandemic.
Four Essential Estate Planning Documents To Ensure A Plan For Coronavirus Pandemic
- A Will or Revocable Trust: Making sure your assets pass on to your loved ones after our death is important. Especially, if you want to avoid making things more difficult for them while the mourn your loss. A well-prepared Will can direct what happens to your assets after death which is especially useful to avoid a costly and time-consuming process in probate court. A revocable Trust is another means to avoid probate court all together. Despite whichever option you chose, the most important thing you must do is to have everything up to date.
- A Healthcare Durable Power of Attorney: During an outbreak like the Coronavirus, it is even more important to ensure that you get the healthcare needed if you become ill. A Durable Power of Attorney for healthcare gives anyone you choose the ability to make medical decisions on your behalf if you are unable to do so yourself.
- A Financial Durable Power of Attorney: If you become unable to make decisions for yourself, having a Financial Durable Power of Attorney is a simple and reliable way to assure that someone you designate can manage your finances. This can be a great blessing for your family if you become incapacitated. Otherwise, a court proceeding will be necessary.
- Payable on Death Financial Accounts: A special type of bank account recognized under U.S. State laws is a payable on death or POD account. These accounts can be set up for checking’s, saving’s, and money market accounts. They can also be set up for certificates of deposit and U.S. Savings Bonds. A Payable on Death account allows for money to pass on directly to designated beneficiaries named by the account holder. This completely avoids the need for probate and all that is necessary for beneficiaries to gain control of the account is to provide the original death certificate to the bank manager. It is important to note that so long as the account holder is alive, beneficiaries will not have access to the accounts.
Our Estate Lawyers Will Help You Prepare Estate Planning Documents To Suit Your Needs
At Marrero, Serrano, Farah Law, LP, our Estate Lawyers offer over 30 years of experience to help you with all your estate planning needs. To learn more about our services and how we can help you prepare estate planning documents, including quit claim deeds or Enhanced life Estate Deeds a/k/a Lady Bird Deeds, contact our Estate Lawyers today.