Many people have contemplated the importance of having proper plans for incapacity, disability, illness, or death as a result of the pandemic, but some of those people have not yet taken action to document these plans. People who have had a serious case of COVID-19, research shows, are 66% more likely to start the estate planning process compared with those who have not.
Only 33% of Americans have put a plan in place, according to caring.com. If you’ve thought about putting together a plan but haven’t taken the action step yet, it’s important to begin educating yourself and considering the assets that you may already own.
By the time many people start listing out their various assets, it is more than they realize and even those who have little assets but do have minor children can benefit from the estate planning process because it allows you to name a guardian for a minor.
The COVID-19 pandemic has changed many different things in the world, but it has also prompted many people to think about who would make decisions on their behalf if they were unable to do so. At a bare minimum you need a financial power of attorney and a last will and testament. A power of attorney enables someone else to make financial decisions on your behalf. A last will and testament documents a guardian for your minor children and what will happen to your assets after you pass away.
Another important document to consider is a medical power of attorney which appoints an agent who is eligible to make medical decisions on your behalf. Discuss these options with an estate planning attorney in Newton, MA and Mashpee, MA to get started today.