The ongoing coronavirus pandemic is certainly depressing. However, you can ease this negative situation by establishing an estate plan. Even those who have an estate plan in place should meet with an estate planning attorney to review and update the details of your will, trust and other components of your estate plan. Making an estate plan is in your interest as it empowers you to rest easy knowing your assets are distributed exactly as you desire in the event that you become incapacitated after contracting COVID-19.
Everyone is Susceptible to the Virus. Plan Accordingly by Making an Estate Plan
Even the healthiest people have the potential to become sick, incapacitated, or even pass away after contracting COVID-19. Whether you are just starting your golden years or in the prime of your life, it is imperative that you plan for the worst possible scenario of contracting the virus. Our estate planning attorneys are here to help you prepare for that scenario and others through comprehensive estate planning.
We can create or update your will, trust, power of attorney, and additional estate planning documents so you have the proper planning in place to determine exactly how your assets are distributed after you pass away or become incapacitated.
An estate plan covers many issues. For example, a durable power of attorney lets you designate a loved one or trusted friend to act in your best interest should the virus or another malady or accident render you incapacitated. A financial power of attorney empowers you to identify an individual to manage your finances should you become unable to manage them on your own. A revocable trust names a successor trustee to manage your hard-earned assets and also provide for your loved ones should you become incapacitated.
The Right Decisions in the Context of Your Medical Care
Comprehensive estate planning involves establishing a medical directive. This legal document details your desires in terms of your medical care in the event that you contract coronavirus and subsequently enter a vegetative state or become terminally ill. A durable power of attorney for decisions pertaining to your healthcare identifies a trusted individual to make medical decisions for you in accordance with your medical directive in the event that you become incapacitated.
Consider the Consequences of Failing to Establish an Estate Plan
If estate planning documents are not in place and you contract the virus and become incapacitated, life will become even more complicated and frustrating for you as well as your loved ones. The lack of a comprehensive and updated estate plan leads to a court proceeding where a guardian and conservator are selected to make decisions on your behalf and manage your assets. This is one of the worst possible outcomes as you have absolutely no influence in determining which individual will act on your behalf.
A court proceeding that names a conservator or guardian will likely cause family drama that has the potential to leave everyone unhappy. Why bother risking such an outcome when an estate planning attorney is a call away? Let us create or update your estate plan and you will rest easy knowing you have done everything in your power to provide for your family in the event that you contract COVID-19.
Schedule an Appointment With Schottler & Associates Today
If you have not yet established or updated your will, trust, durable medical/financial power of attorney, or other components of a comprehensive estate plan, it is time to take action. Our legal team is here to do the work on your behalf, ultimately providing you with priceless peace of mind. Contact us today at 708-442-5599 to learn more about making an estate plan and schedule a free 30-minute appointment with our estate planning attorney.