By Thacker Sleight
No one ever wants to think about estate planning. But now is the time to think about it and get your plan completed or updated. With disease all around us, whether it is cancer, heart disease, or COVID, many people want to avoid the subject altogether – even lawyers. But everyone – everyone over 18 – should have an estate plan.
While you can do so—mentally and physically–you should create a written plan to handle things if you can’t do so yourself because you’re disabled or in case of your death.
Your plan will require appropriately drafted Powers of Attorney and a will or a trust. Because this subject is avoided or postponed, you should create a deadline to take control now rather than just talking or thinking about it.
Consider setting your deadline to complete your estate plan as of December 31st, 2020.
Why? For several reasons:
- Doing it sooner is better than later.
- Not only are we entering a new flu season, but COVID-19 infections are increasing, not decreasing. Like it or not, the coronavirus is a significant threat to all people in all countries.
- All of the other variables that can change our lives in the blink of an eye.
Consider a year-end estate plan as a gift to yourself and your loved ones. You will feel better – more secure, more relaxed – if you have an estate plan that does some or all of the following things:
- Appoints people you trust while you are alive but cannot manage your affairs and manage your health and well-being.
- Designates specifically who will receive your real and personal property after your death and in what amounts.
- Appoints people you trust to follow your directions about things like your funeral, property liquidation, and your estate’s division to your beneficiaries.
- Designates a guardian for your children and a conservator to watch over the property you may leave for those children.
Set a deadline of December 31st, 2020, (if not sooner) to get your estate plan in place. You’ll be happy that you did so—and it’s a great present to your loved ones in these very unsettled times.
Don’t put this off. Call us today, and let’s work together to get your estate plan done this year.