Are Your Affairs in Order?
During uncertain times, it’s natural for people to start thinking about whether they have their affairs in order and if their loved ones and assets are protected should the unexpected happen. While we think estate planning should always be top-of-mind, it’s especially pertinent these days.
The Coronavirus pandemic undoubtedly has you on edge. We’ve all been forced to face our fears in some way, whether it’s the fear of falling ill, losing a job or having to spend time alone. With all these anxieties and unknowns weighing on your mind, it might feel like there’s suddenly a pressing need to get your affairs in order – just in case.
The truth is that just about everyone should have an estate plan, even if there is no looming health threat. So, if you don’t have one, there’s no better time than now to put it together.
At a minimum, you should have the following documents in place:
- Will or Trust
- Durable Power of Attorney (no more than 5 years old)
- Healthcare Power of Attorney
- Living Will (if desired)
- HIPAA Authorization
- Guardianship Designation (if you have children)
Estate planning is about achieving some pretty common goals and taking care of basic responsibilities, regardless of how big or small your investment portfolio happens to be. For example, you probably want to make sure your spouse and children are provided for in case of your untimely death. You also likely want to make sure there’s some kind of a plan in place so that things run smoothly if you’re in the hospital and can’t take care of the family finances or make medical decisions for an extended period of time.
The Peninsula Center for Estate and Lifelong Planning exists to deliver the highest quality legal services throughout Hampton Roads and the Northern Neck to clients who appreciate our dedication to excellence and client-centered approach to the practice of law. We strive to make estate planning simple, affordable, and accessible.
If you have any questions about establishing or updating an estate plan during the current health crisis, please call. We are here and available to help.