Should I Update My Estate Plan Due to the Coronavirus?

coronavirus cells

Most people do not enjoy thinking about their own death. Even fewer enjoy planning for it. This explains why the majority of Americans do not have an estate plan. Those who do have an estate plan often have not updated their plan in years. Yet, the coronavirus outbreak is forcing many people to rethink their strategy. Has estate planning risen to the top of your to-do list? Here are several documents you should consider creating or updating due to COVID-19.

Medical Power of Attorney

A medical power of attorney is someone who makes decisions on your behalf if you become mentally incapacitated. With COVID-19 still spreading, it is wise to create this document if you have not done so already. If you have already designated a medical power of attorney, then you should take this time to make any necessary adjustments.

Financial Power of Attorney

A financial power of attorney is someone who manages your money if you can no longer do it yourself. Paying bills and managing investments are some of the responsibilities that a financial power of attorney would handle. A significant percentage of coronavirus cases turn more severe. Thus, you should name a financial power of attorney quickly. If you have already done so, then take this time to review your decision.

Revocable Living Trust

A revocable living trust allows you to place your property and assets into a separate entity. Doing so affords you certain advantages that are not provided by a standard will.

  • Your beneficiaries can avoid probate
  • The grantor can benefit from any assets during his or her lifetime

Contact a King of Prussia Estate Planning Attorney

Has the coronavirus outbreak made you think about updating your estate plan? Or have you decided to create one for the first time? Either way, a King of Prussia estate planning attorney can help. Contact us today at (610) 365-4240 or send us a message online. We will help you draft documents that serve your specific needs.