COVID-19 has brought about many worries. It has forced us to start thinking about the future and how we will protect our assets in the instance we were to contract the virus. One way to put our anxieties at bay is to establish a concrete plan in preparation for the unforeseen circumstances brought on by COVID-19. The answer lies in having a solid estate plan.
A solid estate plan is a good thing to have at any time, but during uncertain times like these its importance takes on a whole new level. Here are a couple of things to consider including in an estate plan that are often overlooked:
- Financial Power of Attorney: Most who contract COVID-19 require hospital stays that vary in length. In these instances, it’s important to plan for who will take care of your financial decisions if you are unable to do so. A financial power of attorney grants someone access to your finances and the ability to make decisions that protect your property. This trusted person will make sure your bills are paid and that you don’t forfeit any property due to non-payment. Additionally, this person can make deposits on your behalf, sell property if needed, and sign off on tax returns. When you return from the hospital, the last thing you want to worry about is taking care of unpaid bills.
- Health Care Proxy: This document allows a trusted person to make all necessary medical decisions on your behalf, so long as you are unable to make them for yourself. It will also include advanced healthcare directives, which allows you to decide beforehand which end of life treatment/procedures you do or do not want. Additionally, a HIPAA waiver will give a trusted person needed access to your medical records and provides access to speak with your healthcare providers on your behalf.
If you don’t have a Health Care Proxy or financial power of attorney established as part of an estate plan, your family would have to request that a probate court appoint a guardian and or conservator to have these privileges. This process takes quite some time. In circumstances such as this, time is not on your side. Avoid putting your loved ones through this headache by including these items as part of your estate plan.
- Lastly, a Last Will and Testament is necessary to make sure your assets are passed on to your loved ones and not left for the State to determine. You will choose a person responsible for carrying out your wishes to make sure all your legal matters are taken care of after your death.
During the COVID-19 quarantine, it might be more challenging than normal to find a notary. Our office is open for Notary signatures and if you’re not comfortable with coming inside the office, Massachusetts has made accommodations to allow for virtual notarization and witnessing of these documents. If social exposure is a concern for you, these options are certainly worth exploration. As with anything legally binding, it is important to consult with an attorney to make sure you have covered all your bases.
