These are uncertain times we are living in with the COVID-19 pandemic. Many are worried about their health and are concerned about whether their financial and legal affairs are in order in the event of serious illness or death.
Pandemic or not, it is always recommended that everyone has an estate plan in place.
Every estate plan should include at least four primary documents: a will, a medical power of attorney, a financial power of attorney, and a living will.
Common issues families face when a loved one is incapacitated without the right Estate Planning documents in place:
No power to make medical decisions on your behalf if you are unable to communicate your medical wishes
If you don't name a legal guardian before you die, the court will choose who will care for your children, with no input from you - and don't assume that the court will automatically grant custody to aunts, uncles, or even grandparents of the child.
Family disagreements and stress over what medical decisions should be made for you because your wishes weren’t documented
Inability to access your bank accounts to pay the bills
No legal authority to write checks on your behalf or apply for medical insurance/benefits to pay for your hospital stay
Long and stressful court hearings to get the legal authority to make financial and medical decisions on your behalf
A proper estate plan addresses a wide variety of important matters including:
Who is going to take care of our kids if we die?
Who do you want to make medical decisions for you during your incapacity?
What will happen to my investments? My retirement?
What are your medical wishes in the event of incapacity or at the end of life?
Who do you want to manage your finances during incapacity?
What are your wishes with respect to disposition of your remains upon death?
What is the most efficient way to administer your estate upon death and avoid the probate process if appropriate?
Although a will is extremely important, advance directives can be even more significant, especially during times of a health crisis such as the current COVID pandemic.
Powers of attorney and a living will provide clear direction to be taken on one’s behalf during incapacity. Thus, during times of uncertainty such as the current health crisis, having these documents in place can result in more efficient medical treatment in accordance with one’s expressed wishes, as well as certainty with respect to the management of one’s financial and familial affairs.
Why wait? Please contact us today at 507-250-2153 or email us at [email protected] or visit us at https://bit.ly/3folLFd. We are offering a BOGO deal which will end on Friday 7/31, so take advantage of it to protect your loved ones. Be Well and Stay Safe!
