The pandemic has caused many people to step back and look at their existing estate plans or recognize the dangers of not having an estate plan at all. It can still feel overwhelming to look at all of the different aspects of estate planning that you could or should consider. In this article you’ll learn more about three important documents that are well worth creating or updating in light of the pandemic.
If you were to become ill from the coronavirus or any other medical condition, this could have serious repercussions for you as well as your family members if you didn’t have the necessary estate planning documents in line. The three most important documents to have arranged include a durable power of attorney, an advanced directive, and a will. Your durable power of attorney enables you to appoint another person known as your agent to act in your place with regard to financial matter. This can be a springing POA or a current POA.
While a current document will take effect right away, a springing document only enables this agent to have the necessary authority if you become incapacitated. A healthcare proxy is the second important type of document that you should have to protect yourself against incapacity.
Without a healthcare proxy created, your doctor might be required to provide you with medical treatment that you might have refused if you were able to do so. Finally, a will is your opportunity to provide instructions about what you want to happen to your assets if you pass away unexpectedly and who you would like to appoint as the guardian for any minor children. This crucial document can help avoid infighting in the family and additional court fees.
If you are ready to discuss your next steps with getting these estate planning documents in order, schedule a consultation with a knowledgeable estate planning lawyer in your area today: our Pasadena law office is open and working virtually.