3 Major Impacts of COVID–19 on Estate Planning
It goes without saying that the COVID–19 pandemic has turned the world upside down. Even with things getting back to normal, the impact of the pandemic will be felt for many years to come.
With the seriousness of COVID–19 swirling around for so many months, there’s a good chance you thought about estate planning at some point. And while doing so, you may have realized that some changes are necessary.
Here are three ways that COVID–19 may have impacted your estate plan:
1. Incapacity Planning
What would happen if you were incapacitated and unable to share your wishes?
Incapacity planning is a big part of your estate plan. For example, you can create a financial power of attorney that gives another individual the right to manage your finances if you’re unable to do so.
2. Advanced Health Care Directive
The COVID–19 pandemic has killed hundreds of thousands of people in the United States alone. And that doesn’t even take into consideration the millions of people who dealt with serious side effects as they overcame the virus.
An advanced health care directive does two things:
- Outlines who should make medical decisions on your behalf if you can’t do so
- Specifies the type of end-of-life care you want to receive
3. Helping Others Estate Plan
COVID–19 has the potential to affect people of all ages. For this reason, many parents are considering the benefits of helping their children create an estate plan.
For example, if you have college-age children, you may want to work with them to create a basic estate plan. It’s better to be safe than sorry when it comes to estate planning.
Final Thoughts
No one saw the COVID–19 pandemic coming, but upon its arrival, the world changed forever.co
If you’ve yet to review your estate plan since the pandemic began, now’s the time to do so. There’s a good chance you’ll find some changes to make.