The reality of the COVID-19 crisis forces us to think about the “what ifs” of life. Amid this state of upheaval in our lives, it is important to make sure you and your family are prepared and protected in case something happens. An important question to ask yourself: What happens if I contract COVID-19 and it gets severe? Who will make the health and financial decisions for me, if I cannot make them?
WHAT DO I NEED TO DO TO PREPARE?
Review your current estate planning documents to ensure that you have your basic documents in place:
- Financial and Healthcare Durable Powers of Attorney
- Health Care Directives (including a Living Will)
- Beneficiary Designations
- Last Will & Testament
Do these documents reflect your current wishes? If you don’t have these documents in place and something happens, the state will make these decisions for you and it might not be what you want – for yourself or your family.
WHAT IF I HAVE CHILDREN WHO CONTRACT COVID-19?
If you have children other questions come to mind. You, as their parent/guardian, are able to make decisions for them if they were to become ill. However, if you have children over 18, they need their own Financial and Healthcare Directives. You are not able to legally make decisions for them once they are 18.
WHAT IF MY PARENTS DON’T HAVE AN ESTATE PLAN?
Inquire with your loved ones (parents, siblings, aunts & uncles, cousins, etc.) about their estate plans. If they do not have a current estate plan, encourage them to reach out. If you have a loved one in a facility that is locked down, we are able to speak with them via phone.
Don’t wait until something happens – act now to prepare for the unknowns of the future.
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