Coronavirus fears have left many stuck at home, looking for ways to remain active and productive. It can be an opportune time to get things off your to-do list that have lingered for a long time, such as estate planning. Estate planning seems to be one of those things that we all intend to do but never find enough time to address. Fortunately, most estate planning can be done via a phone call and/or online meeting, making it the perfect filler project. Here are a few estate planning tasks to complete while on self quarantine due to Coronavirus concerns.
1 – Hire an Attorney
One of the first things you should do is to hire a local estate planning attorney. Given the complexity of estate planning and all of the different things you should consider, working with an attorney will provide helpful guidance and structure. As experienced Massachusetts estate planning attorneys, the team at Martino Law Group would be delighted to assist you with preparing and/or updating your Massachusetts estate plan.
2 – Will
A will is the most basic estate planning document. However, it’s not necessarily as straight forward as you may assume. It’s not simply a matter of finding a template online and filling it out. Missing essential provisions in your will can result in unintended heirs and other serious issues. You definitely need a will, but a will with errors and missing language will do little to protect your assets and carry out your wishes. Don’t rely on generic templates. Have your attorney draft a will to meet your specific needs and to provide the full scope of protection under the law.
3 – Trust
Trusts are a popular way to avoid probate, which can be a lengthy and costly process. There are different types of trusts, each with pros and cons. Selecting the right type of trust for your estate plan depends on your assets, family circumstances, personal preferences, etc. Your attorney will play a key role in helping you understand options and select the appropriate trust.
4 – Health Care Proxy
Health care proxies authorize another individual to make medical decisions on your behalf, when you are unable to do so yourself. Even if you are currently healthy, it is important to have one on file. Self quarantine for coronavirus offers some quiet time for you to think about who to designate as your proxy. Proxy forms are easy to fill out and only require witnesses (rather than a notary signature). So, you may need to wait to finalize it with signatures of other parties, but you can at least make the decision and have the form ready to go.
5 – Power of Attorney
The last of the estate planning tasks to complete while on self quarantine for Coronavirus is a power of attorney. As with wills, there are different types of power of attorney to consider. They can range in scope of responsibility and timeframe. Discuss options with your attorney as it applies to your overall estate plan.
Summary of Estate Planning Tasks to Complete While on Self Quarantine for Coronavirus
If this pandemic has taught us anything, it’s that life can be unpredictable and tragedy can strike quickly. By using self quarantine for coronavirus as an opportunity to complete estate planning tasks, you are taking steps to protect your family’s future. Contact our team to discuss your estate plan.