“There may be some things out of your control right now, but your estate plan isn’t one of them.”
That is a sentiment candidly conveyed in a recent Kiplinger article, and one we solidly agree with at the established Southampton estate planning law firm of William J. Benz.
The expressed uncertainty relates of course to the unprecedented global scourge of COVID-19. The coronavirus pandemic has flatly upended the lives of billions of people, including virtually every American.
And yet it has not stopped forward movement and the collective resolve to overcome the challenge. We stress for readers that our firm remains open for business and is “continuing to represent clients and accepting new clients during these uncertain times.”
From Kiplinger’s perspective, that ready accessibility makes strong sense regarding issues surrounding fundamentally key estate planning concerns. It is during singular times that particular preparations in the planning realm can be especially important. Appropriate subjects for visiting now include these matters:
- Crafting or updating an advance health care directive (alternatively, living will) relevant to key end-of-life medical care
- Power of attorney designations conferring authority on a third party to act for an incapacitated planner in concerns spanning finances, legal matters, health care outcomes and more
- Drafting and/or revisiting a will
- Focusing on the potential utility of one or more tailored trusts
- Updating all beneficiary designations in retirement accounts and other savings platforms, as well as in life insurance policies and other legal instruments
- Duly considering miscellaneous matters ranging from funeral arrangements and pet care to family legacies, the handling of digital assets and more
We are admittedly confronted by some marked challenges presently. We can proactively face them, though, and ensure that we take purposeful steps to address them and prepare for the future.