Estate planning during COVID-19
Project completion is happening more and more these days. Projects that people have been delaying are being checked off the to-do list. Yards look great, garages are clean, even closets look better. Many people are working on their estate documents, as well.
To evaluate what needs to be done, first you must find what you have. You absolutely need a financial power of attorney, a health care power of attorney, and a living will. The three documents may be combined into one or two documents and may be entitled “advanced directive.” You will also want a will or a trust to clearly designate who is to receive your assets.
If your documents were drafted by an estate planning attorney, do they still meet your needs? The tax laws have changed dramatically in the last five years. Your estate plan could be unnecessarily complex. Your beneficiaries may be more capable of managing their inheritances. If you have a sizable retirement plan, the SECURE Act passed in December 2019 can dramatically affect your plan.
If you do not a have professionally prepared plan and are not interested in hiring an attorney, you may want to try your hand at legal drafting. Many websites help with the basic documents. Free forms are available at Arkansas Legal Services (www. ARLegalServices.org). If you follow the website’s directions exactly, you can draft valid documents. Mistakes can be made in drafting as well as execution. Mistakes can invalidate a will and unclear language can plunge your family into conflict after your death. Be very careful. If you draft your will, do not have beneficiaries act as witnesses.
Most legal documents require notarization. On March 30, Gov. Asa Hutchinson issued Executive Order 20-12 which instituted a procedure for remote notarization. A limited group of notaries can notarize documents if they see you sign by video conference (such as Zoom or FaceTime).
We may be physically distant; but, our essential estate documents can still be reviewed, updated, and available. Yes, even in today’s chaos we can still mark estate planning projects off our to-do lists.