These are unprecedented times we are living in with the COVID-19 Pandemic. It is not surprising that many are worried about their health and concerned 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 have an estate plan in place. Statistics tell us that over 50% of Americans currently have no type of estate plan. 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. Those documents will address a variety of important matters including:
Who do you want to make medical decisions for you during your incapacity?
What are your medical wishes in the event of incapacity or at 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 COVID-19 pandemic. Powers of attorney and a living will provide clear direction to be taken on one’s behalf during incapacity. Having these documents in place during a time such as the current health crisis can result in swifter medical treatment in accordance with one’s expressed wishes, as well as certainty with respect to the management of one’s financial affairs. This is especially crucial should a person require assistance due to being quarantined or hospitalized. Without such directives, unprepared family members may find themselves facing obstacles in order to assist a loved one during an emergency or serious illness (especially in light of any stay-at-home restrictions when financial institutions are physically closed and medical providers are overwhelmed with treating virus-infected patients).
Estate Planning is crucial to have in place during these uncertain times of the Coronavirus Pandemic. It is extremely important to have clear advance directives outlining who is authorized to make medical and financial decisions on your behalf in the event of quarantine, hospitalization, or incapacity. The North Alabama United Methodist Foundation is available now to assist you and your families with estate planning options. Contact our office for assistance and/or discussion. As the wise Benjamin Franklin once said, “Don’t put off until tomorrow what you can do today.”