ESTATE PLANNING DURING COVID-19
COVID-19 has had an impact on the way we go about our daily lives and has forced us to consider all of the “what if” scenarios we often do not want to think about. COVID-19 has shown us that it is important to be prepared for all scenarios—including the necessity of having a proper estate plan in place, including, but not limited to, a Last Will & Testament, Health Care Proxy, and Power of Attorney. Other documents you may wish to have included in your estate plan includes a MOLST form, HIPAA Release, and a Declaration of Homestead, if applicable. Depending on one’s assets and goals, establishing a Trust may also be ideal as part of an estate plan.
Developing an Estate Plan is important as it identifies what you would like to have happen in the event that you should become incapacitated, unable to make your own decisions, or pass away. It is more important than ever to develop an Estate Plan. The United States has had approximately 150,000 confirmed deaths of COVID-19 and over 4.3 million confirmed cases of COVID-19. If, for whatever reason, you were suddenly hospitalized and unable to make decisions regarding your health and finances, you have no control over who would be making those decisions (some examples: there could be a conflict between your spouse and your parents, or if single, your parents could disagree, your spouse could not be available/able or a person could be appointed that you would not wanting making decisions for you). Furthermore, any delay in determining who should be making those important decisions could negatively impact your health and finances.
Estate plan documents are especially important during this pandemic as a physician’s […]