Estate Planning During the Coronavirus
We never want to think about the serious implications that come with estate planning, but with the current global crisis we face, it is a reality that is thrust upon too many of us. It doesn’t matter whether or not you are healthy as a horse —when your estate planning process is complete, it will serve you and your family peace of mind that is not only necessary now, but in the future.
As many of us stay home with extra time on our hands, now is the time to begin the process of estate planning. Because estate planning is far more than drafting a trust or will, the best way to handle this is through the assistance of an elder law attorney. Many attorneys offer remote legal consultations via video or phone call, allowing clients to still connect with their elder law attorney.
First thing’s first: what is estate planning? Estate planning is the process of anticipating and/or arranging the management and disposal of one’s life after they have passed. This process should minimize gift, estate, generation skipping transfer, and income tax. It is a process no one wants to think of, but when laid out in this way, its importance is plain to see. The distribution of one’s estate should not fall on the shoulders of a family is distraught following the death of a family member.
A good attorney is crucial to successful estate planning. It involves carefully reviewing one’s assets and property as well as one’s health. This is because these documents should continue to stand as your health deteriorates, or upon a sudden death. These documents might include powers of attorney (financial and health care), trusts, wills, living wills, do not resuscitate orders, and more.
By setting up a trust, you should be able to avoid probate — which is the court process by which a person’s assets are distributed. Probates can be costly due to court requirements and waiting periods, where trusts allow for a private handling of asset distribution.
Wills, however, will not protect you from the probate process. They are a crucial part of the estate planning process, and are often the first step people think of when it comes to estate planning. These documents list your wishes upon death. If you have a trust, however, you will have a “pour over will,” which essentially distributes any assets outside the trust to “pour” into your trust and be distributed.
Having a qualified elder law attorney is the best way to avoid the time and cost of probate. A good attorney cares about your happiness, not the money that they can potentially make off you. A good attorney wants to make your life easier. These professionals will treat you with the respect and dignity you deserve as you make difficult decisions about their life. Before enlisting the help of an elder law attorney, make sure they have your best interests in mind.
