We are living in uncertain times with the new coronavirus (COVID-19) pandemic taking over our lives and the world. New phrases such as “social distancing”, “flattening the curve” and “new normal” are now part of our daily conversations. During these challenging times, families, communities and nations are coming together more and more to address this crisis with a united front. We are all trying to do our best to deal with a situation that we have never dealt with before. Many are thinking about their estate planning so that their wishes are expressed and their families are protected.

We are staying home, and schools and non-essential businesses are closed. This is to minimize the spread of the virus and to not overburden our healthcare system so people who have the virus can receive proper care. Every day, healthcare and other essential workers are facing this invisible enemy with courage and determination to ensure our safety and wellbeing.

At this point, from an estate planning perspective, we would simply encourage the following actions to ensure that your affairs are in order:

1. Review your estate planning documents. Locate copies of your existing documents and make sure that they still reflect your values and wishes. Ascertain where the original documents are located.
2. Follow up and address any changes you would like to make. Were there any major changes in your family and circumstances that are not reflected in your plan?
3. Make sure that those who play a role in your estate plan know that you have appointed them. This would include the executor of your will, the successor trustee(s) of your trust, the guardian(s) for your minor children, the agents appointed under your financial durable power of attorney, and under your health care power of attorney.
4. Review and update your beneficiary designations, if needed. Consider contacting your financial, insurance or other advisors to ensure that your beneficiary designations are up to date and discuss any new planning opportunities relative to your current financial status. For example, under the new Coronavirus Stimulus package, the required minimum distributions (RMDs) for 2020 may be waived.
5. Make sure that your health care directives are up to date. Should you require any medical attention, confirm that your designated agent has a copy of your directive, knows your wishes and can have access to your confidential health information, if necessary.
6. If you do not already have an estate plan, consider setting one up. A properly set up estate plan with a will/revocable trust, a financial power of attorney, and a healthcare power of attorney can certainly contribute to your peace of mind knowing that you have planned ahead and addressed your risks and concerns.

In these times of hardship and stress, let’s strive to be kind, patient and composed with ourselves and others, and also find moments of joy and peace. Be safe and healthy!

Information in this article is intended for educational purposes only. It is not, nor should it be, considered as legal or tax advice, and should not be relied upon as such. Copyright © 2020 Gita K. Nassiri.