Three Reasons Coronavirus Makes Estate Planning More Important Than Ever

These unprecedented times are scary for us all. Though the numbers are still out, it seems that while coronavirus is mainly life-threatening only for the elderly and immunocompromised, it can also in some cases claim the lives of the young and the healthy. For many, this is a wakeup call. Between accidents and undetected medical issues, the young and seemingly healthy have never been death-proof, but the highly contagious nature of the coronavirus and the way it has swept the globe is forcing many to confront their mortality for the first time.

The truth is, no one will live forever, and none of us know for sure how much time we have left. That is why it is so important to have an estate plan in place no matter your age or your situation in life. Today, we are looking at some of the reasons coronavirus has made estate planning more important than ever before.

1. It allows you to make your wishes known in case you are ever incapacitated.

If you are on a ventilator, struggling for every breath, you probably don’t want to be bothered with making important decisions regarding your finances. With a durable power of attorney, you can grant a trusted person the authority to attend to these matters on your behalf. A durable healthcare power of attorney can also make medical decisions on your behalf if you are unconscious.

2. Your will can make arrangements for your inheritance.

Most people want to have a say in who inherits the assets that they have worked hard to acquire over the course of their lives. If you do not have a will in place, your assets will be passed down to your heirs in accordance with intestate law. Your estate plan also gives you a chance to make sure that your loved ones receive the most of your assets possible, and that as little as possible goes to estate taxes and probate fees. Want to donate some of your money to research that aims to prevent pandemics? You can do that with your will, too. 

3. You need to protect your minor children.

Have you imagined what would happen to your children if you and your spouse can no longer raise them? This is a painful subject to think about, but it is important, nonetheless. In the absence of legal guardians stated in your estate planning document, a judge will decide who should take care of your children. No one can make a better decision than you when it comes to your children, so put this in writing. We will help you with how to choose the right guardian for your children. 

Are you ready to be proactive? If you do not have an estate plan at all, you need to sit down with an attorney to create one. If your plan has not been updated in the last three years, it’s time for a review. Our team is here to help. Give us a call today to learn how we can help you build an estate plan that is perfectly tailored to your unique needs and values. We can’t wait to hear from you!

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Hayoon Kane Law Firm

I am committed to helping business owners such as yourself understand the intricacies of the law, so you can concentrate on growing your company.

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