Estate planning has always been important and it has always been something that a lot of people overlook. These days, with the onset of the Coronavirus pandemic, it’s more important than ever to have a plan in place.
Right now, much is still unknown about the outbreak. How long will it last? How far will it spread? How many lives will it take? Researchers have models they can look at, but no one knows for sure. It’s too new. One thing they do know is that the elderly face greater fatality risks, though, and that just stresses why estate planning is so important.
You want to look at all aspects of estate planning:
- What are your medical plans?
- Did you draft an advance directive to tell the doctors and family members what to do?
- Did you use a medical power of attorney to choose someone to make decisions for you if you get sick and cannot make them for yourself?
Other issues to consider include dividing up your assets, deciding who to name in your will, using a legal power of attorney so that someone else can make financial decisions for you and double-checking the beneficiaries on your life insurance policy.
Hopefully, the vaccines that are already in production will work and this epidemic will stop and drift into history. But, even if it does, it still shows how quickly something unexpected can start and who it’s important to plan for the future. If you have not yet done your estate planning, it may be wise to start exploring the legal options that you have.