The spread of COVID-19, also known as the Corona Virus, is impacting our everyday lives as we know it. Social distancing, working from home and limited supplies are just some of the side effects of this pandemic. Another problem can arise if an individual has not updated their estate plans, or worse, do not even have an estate plan. Now, is the time to establish or update an estate plan, especially for those that are over the age of 60.
While a Will is usually what people think of when they think of an estate plan, there are other essential documents that you should have in order to have an effective estate plan. These include a property power of attorney and health care power of attorney.
A property power of attorney is a crucial document an individual should have. A property power of attorney allows a trusted friend, family member or perhaps a business associate to take money out of your bank account, pay your bills, and essentially manage your day-to-day financial affairs. For instance, let’s say this virus hinders your mental capacity and puts you in the hospital or you are at home and cannot take care of your business affairs. The property power of attorney will allow the person you chose to manage your financial affairs. With how contagious the virus is, we recommend naming at least two trusted persons in case the first one is unable to act. The property power of attorney gives the agent a broad range of abilities so choose the agent carefully.
A health care power of attorney is another document an individual should have. This document names an agent that will be in charge of health care decisions if to the individual became incapacitated. It allows your health care team and loved ones to know what kind of care you want and who should make decisions for you when you cannot.
DO NOT WAIT UNTIL YOU OR A LOVED ONE IS IN THE HOSPITAL OR NURSING HOME. HOSPITALS AND NURSING HOMES ARE ON LOCKDOWN AND WILL LIKELY STAY SO FOR THE FORESEEABLE FUTURE.
We can do an initial conference over the phone if you desire. We take steps to keep our office and our hands as clean as possible to reduce the risk. If you don’t have an up to date estate plan, you should take steps now by calling now.