There’s no doubt that the global landscape looks very different these days in the shadow of the coronavirus pandemic. With great feelings of uncertainty, you may feel the need to ensure that your orders are in affair. To help bring you some peace, here are 5 components of your estate plan to focus on in light of COVID-19.
1. Review Your Power of Attorney
While each of us needs to do our part to protect others and ourselves through wearing a mask and social distancing, it’s still important to think about who you would want to make medical and financial decisions for you if you become unable to make them for yourself.
Make sure to double-check that you have designated someone whom you can count on and who knows your wishes to act as your power of attorney. It’s also important that you name a backup in the event that your first choice is unable to take on the responsibility.
2. Look Over Your Will
Be sure to look over your will to make sure that you have the correct executor of your estate. This executor of your estate will be responsible for ensuring that your will properly goes through the probate process when you die, he or she will file your income and tax returns and be sure that your assets go to the right beneficiaries. If you have any minor children be sure that you appoint a guardian for them in your will.
3. Double-Check Your Trust
While a revocable living trust can help to serve you while you’re alive, it can also benefit those who will receive your assets upon your death. For this reason, it is important to make sure that you have named the proper beneficiaries of your trust. If any of your beneficiaries are minors it may be a good idea to hold their assets in a trust until they are older. Finally, make sure that you have selected an appropriate individual to administer your trust.
4. Make Sure the Trust is Funded
Ensuring that your trust is properly funded can help your trust assets to avoid the probate process upon your death. Should you become incapacitated, having your trust properly funded allows for your successor trustee to control your assets. Should you fail to adequately fund the trust, it can create a number of issues for your loved ones after you’re gone.
5. Review Your Beneficiary Designations
Look over all of your beneficiary designations to be sure that you have the right individuals lined up. This not only includes wills and trusts, but also retirement accounts, insurance policies, and brokerage accounts that are payable to a beneficiary upon your death.
Biddle Law Can Help with the Creation of a Comprehensive Estate Plan
A qualified estate-planning attorney can help to advise you when it comes to ensuring that your wishes will be carried out through a comprehensive estate plan. It is extremely important that you do so with the help of an attorney so that you have peace of mind in knowing that your documents will be legally enforceable. A qualified attorney can answer any questions you may have and walk you through the process. At Biddle Law, we care about your future and want to assist in protecting your interests. To learn more or to schedule a consultation, contact us today!