Estate planning during a pandemic
With words like social distancing, quarantine, and pandemic now in our vocabulary, it felt only appropriate to write about estate planning in the midst of the COVID-19 pandemic.
Perhaps the biggest piece of advice I have at this time is to make sure your documents are current and appropriately reflect your wishes. Have there been any major life changes since the execution of your estate planning documents? Are the individuals named in your documents willing to serve? Do you know where your original documents are located?
Healthcare advance directives are critical during a health crisis. I have received more questions directly related to advance directives in the past month than in my entire career! You should review your living will and health care power of attorney or advance directive to ensure that they appropriately reflect your wishes. You also want to have copies of these to give to your physicians or health care providers, family or other agents named in the documents. Make sure that you discuss your health care wishes with your agents so that, if necessary, they can appropriately make decisions that enforce your wishes.
A power of attorney is another critical document during this time. A Power of Attorney is a legal document by which you appoint a child or other trusted person to act for you. Usually, the Agent is authorized to act in the event of the disability of the Principal. In the event you were hospitalized, a power of attorney allows (among other things) for bills to be paid, taxes to be filed and even assets to be sold if needed.
If you have never set up an estate plan, now is the perfect time! While it can be challenging to make decisions during stressful times, we never know when we might need our estate plans. Focus on completing your plan to the best of your ability now. You can always revise the documents at a later date if needed. Creating a plan can provide peace of mind to you and your family.
Gov. Asa Hutchinson recently signed an executive order that allows for witnessing and notarizing of legal documents to be done using video conferencing technology during this current state of emergency (with certain limitations). This allows you to execute or amend your estate planning documents without ever leaving your house or potentially compromising your health.
Farrar & Williams, PLLC would like to say “thank you” to all of the health care workers, first responders and essential workers on the front lines. We appreciate your dedication to the health and safety of our community. We are offering a 25% discount off all estate planning services for new clients working the front lines through June 1, 2020. Tiffany Tucker is an associate attorney at Farrar & Williams, PLLC and can be contacted at 501-525-4401 or by email at tiffany@farrarwilliams.com. She can answer any questions you have about this subject. Call today to schedule a phone or video conference.