Coronavirus Covid-19 Outbreak

As the Coronavirus has progressed, there has been an increase in the number of people contacting our office to ensure their affairs are in order.  All the media attention seems to have put estate planning back on the top of their to-do lists.

There is no way to know how the coronavirus will impact us in the long-term. But it sure has become impossible to ignore. Even my 8-year-old came home from school asking about it.

There seems to be no end to the advice. Don’t shake anyone’s hand. Press the elevator button with your knuckle. Wash your hands for at least 20 seconds. Stock up 3 weeks worth of food and medicine. 

But is there anything you should be doing from a legal perspective during the Coronavirus outbreak? 

Yes: You should review your estate plan. But not just because of Coronavirus. Estate planning is always important. And it is frequently something that gets de-prioritized. So I am hopeful that an upside to all this media coverage will be that it drives more people to create or update an estate plan.

If you have an estate plan, review it. Make sure it still accurately reflects your wishes.  Importantly, make sure that the person you designated as your Agent in your Health Care Power of Attorney is still the right person. Your Health Care Agent ensures your wishes are honored in the event you lose the ability to do so. These documents give you the final say on your health care decisions and the quality of life you want. For many, this is the most important document in your estate plan.

Similarly, make sure that the person you name as you Agent on your Financial Power of Attorney is still the right person. This agent will help you with handling your financial affairs if you lose capacity.

As part of your estate plan review, it is also important to make sure your Personal Representative or Successor Trustee is able to serve and is still the best person to help you and re-evaluate the person you name to be Guardian of your minor children. It is also helpful to review your beneficiary designations and, if you have a trust, make sure your assets are owned by your trust.

And if anyone named in your documents has predeceased you, it is time for a revision.  

If you are like many and don’t yet have an estate plan, perhaps now as we consider the Coronavirus it is a good time to put it closer to the top of your to-do list.

Resources:

World Health Organization: Information on the Coronavirus Outbreak: https://www.who.int/health-topics/coronavirus

CDC – Locations with Confirmed COVID-19 Cases: https://www.cdc.gov/coronavirus/2019-ncov/locations-confirmed-cases.html

Tax season And estate planning?