Is estate planning different during the coronavirus pandemic?
Surprisingly, well, I should say at least surprising to me, our phones have been ringing off the hook with people calling in to know what they need to do during the coronavirus regarding their estate planning. And I understand, there might be a heightened level of urgency because of the pandemic and what is going on, but the estate planning goals and how we do the estate plan is no different now during this pandemic than it is at any other time.
We still want to sit down with our clients and you should still sit down and think about these things, and possibly download our estate planning questionnaire, which I’ve put in the link below, and go over those questions. Whether they’re with us or with your estate planning attorney, and go through them page by page because it doesn’t matter whether we’re in a pandemic or normal times, whatever normal times are nowadays, you still need to go through all of these questions step by step and really think about what is in your estate, who you want to have your stuff, when they should have your stuff, and how you wanna distribute that stuff to them.
Next, and I’ve said this in other videos, one of the biggest parts I feel people need to pay attention to in their estate plan is what they want to happen during incapacity. And it doesn’t just matter if it’s a pandemic where we might be sick for two weeks or a month, or it’s because we got in a car accident, or because we slip and fell someplace.
There’s a million reasons, unfortunately, how accidents could land us either in the hospital or incapacitated for several days, several weeks, or even for several months. Most of the time, we’re all gonna get better, but we need to have a plan in place to take care of the business side of you, and that is exactly what a good estate plan does. It not only provides for what happens after you pass away and for your heirs, the most important part, if you think about it, is what does it do to protect you during your lifetime.
The best way to accomplish this is to meet with your estate planning attorney, and if you’re not ready to do that yet, then download our estate planning questionnaire in the comment section and the description below, and just start kinda thinking about what your estate plan needs to be. As I’ve talked about in these other videos, I believe every estate plan should at least have a revocable living trust, and you can watch the video about that here, should have a pour over will, which you can watch that video up here. It should also have a power of attorney, a healthcare power of attorney, and advanced directive and a HIPAA authorization.
So you can watch all of those videos after you watch this video, of course. And there are other documents that really should be in your estate plan as well like quick claim deeds and transfers, showing that your assets have been transferred from you personally into the name of your revocable living trust. But for purposes of this video, those are really the main things that every estate plan really needs to have. If you have questions, check out those videos that I just mentioned so you can decide for yourself what you need and what actually each document needs to say to make sure that you are covered, whether it’s during a pandemic or, like I said, normal times, whatever those are. Let’s do a quick survey here, let me know in the comment section below, you can just say yes or no, if you have an estate plan in place that takes care of you during incapacity. Now, whether incapacity, these events, are short term or long term, you need to have a plan in place.
Like I’ve said in other videos, people are really surprised at how much time I spend on incapacity planning. Because if you really think about it, we are all entrepreneurs of our own lives, right? And so, if something were to happen, there still has to be somebody there to pay the mortgage, pay the electricity, pay the gas bill, pay the water bill. Make sure the lawn is mowed, pick up the mail. So that is why incapacity planning is so important so that you can have a plan in place for each one of those items and make sure that they’re covered if you are going to be in the hospital for a little while and not put an undue burden on your family.
They’re already gonna be stressed and worried that you’re in the hospital, and if you have made plans for all these other small things, shall we say, that’s gonna take a huge burden off of your family and friends during your incapacity. The great thing about all of this is that it is up to you how your estate plan is structured and customized, and how you want to be taken care of, during, whether it’s a pandemic or just normal life. If you missed our other videos on our estate planning questionnaire, go back and watch them, and click on the link below to get a copy of our estate planning questionnaire we have been discussing the last few videos and that I use everyday with my own clients. Check out these videos up here and here to up your estate planning game. And if you like this video, hit that like button, the one like this, and be sure to smash that subscribe button and share this video with your friends, I’d appreciate it. Have a great day, and as always, have an awesome week. Thanks for watching.