While most of those infected with COVID-19 will recover, about 20% need hospitalization, and in the absence of widely approved treatment, those who are placed in the ICU can be in grave danger. An estate plan is essential during these times. You should complete your estate planning documents during this pandemic if you have not already.
Thousands of deaths from the coronavirus is making many of us look at death more seriously than we would otherwise. Many Americans are looking to create a will, and if you don’t have this important document in place, it’s critical that you create one immediately — just in case.
Motley Fool’s recent article entitled “The 1 Move You Must Make During the COVID-19 Crisis” says that about 37% of Americans have a will. Without one, you’ll risk having little to no say over what happens to your assets in the event of your passing.
It’s not uncommon for people to say things like, “I’m not rich and have very little money to my name, so who cares who gets it after I pass?” This is not so. Even if you only have a modest amount of assets, it’s wise to make out a will, so your wishes are carried out.
If you have minor children, you need to designate a guardian to care for them, if you should die and they don’t have another living parent. This isn’t a question you want to leave unanswered, and you don’t want to leave your family members to fight over who will take on the the responsibility of taking in your children.
Create a will with the help of an estate planning attorney. If you create one online, you risk missing nuances that may be important in the event of your passing. If your estate is somewhat complex, it’s worth the money to use a legal expert.
Another estate-planning document to create includes a financial power of attorney, which designates someone to make financial decisions on your behalf, if you can’t.
A healthcare proxy is a person who can make medical decisions on your behalf. Ask your estate planning attorney to help you determine which documents will benefit you.
With our major health crisis, it’s not really the time to delay creating a will, if you don’t have one already. This document could give you and your loved ones peace of mind, when comfort goes a long way. If you don’t already have an estate plan, consider creating one now during the pandemic.
Reference: Motley Fool (April 6, 2020) “The 1 Move You Must Make During the COVID-19 Crisis”