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Americans of All Ages Need Estate Plans During COVID-19
Americans of All Ages Need Estate Plans During COVID 19 Pandemic
There has been an explosion in the numbers of Americans rushing to make their estate plans online. Understandably, the coronavirus pandemic has created the scramble to set up wills and powers of attorney. However, online “DIY” estate plans are often deemed invalid as they do not comply with all the legal requirements of your state.
Our law office has turned to teleconferences with clients to address social distancing protocols while still providing legal services such as preparing wills and powers of attorney. Businesses like Zoom are experiencing a quadrupling of daily users. Part of this significant increase includes hosting secure attorney/client meetings for will preparations.
So, who needs a will? Ask yourself if you care who gets your property or money if you die? If you have minor children, do you care who will act as their legal guardian? The answer is anyone married, anyone with children or anyone with assets needs a properly executed will. Wills are governed by state law. Your will should reflect your wishes in the language and format required by the state in which you live for it to be valid. It must also be correctly executed to avoid the potential that it may be invalidated upon your passing.
Beyond the creation of a will, many Americans are increasingly concerned about their powers of attorneys for health care and finances. These are active while you are alive and are equally as important as your will. Named executors, successors, beneficiaries, and power of attorneys should have several back-up representatives as the mortality rate due to the coronavirus remains unknown.
No matter what your profession, underlying conditions, age or likelihood of contracting this virus may be, you should have a properly executed will and power of attorney for health care and finances during this time of considerable uncertainty.
There are few things you can act on during the COVID 19 pandemic that can bring you assurance and a sense of relief. The legal creation of your will and powers of attorney is an action you can take that protects you and your family. We can help. Visit www.sflawwisconsin.com or call (608) 325-2500 to schedule a phone or video conference and we’ll get this importance process started for you.