The coronavirus pandemic has raised a number of concerns and questions surrounding estate planning. Given the current atmosphere, we wanted to share 3 estate planning tips to help you get through this difficult time.
1. Make Sure Your Documents Reflect Your Wishes
During crises like COVID-19, we are reminded of just how important estate planning really is, so be sure that your documents are up to date and reflect your wishes. You’ll also want to make sure that you know exactly where your will and trust documentation are kept. And finally, confirm that all trustees and executors are able and willing to serve.
Due to the impact of the pandemic on our economy, the value of your assets may have decreased considerably. This could reduce the current value of your estate, which is especially true if much of it is tied up in property or non-liquid assets. Many stocks have also lost a significant amount of value in recent months, but this doesn’t apply to all shares. So, be sure to carefully check your estate plan and seek guidance on any changes you aren’t certain of.
2. Review Your Advance Directives
Your advance directives, such as your living will and power of attorney, express your wishes, and authorize your agents to make financial and medical decisions on your behalf if you can’t make choices for yourself. Similarly, you’ll want to review these documents to ensure the person you’ve entrusted this power to is prepared to act on your behalf. Also, discuss your health care wishes with them so that you can be certain they’d make decisions that reflect your wishes.
3. Interest Rates are Down, so Consider Using Money From Your Estate
Due to the fact that the economy has been seriously impacted by the pandemic, interest rates are exceptionally low right now. If you’re considering using money from your property to invest in real estate, this could be the right time to act. That’s because mortgage rates have not been this low for many years, and they may not be this low again for decades.
Estate Planning Tips
If you have questions about estate planning during the pandemic, rest assured that John Lewman’s mission is to protect your family as if it were his own. For a Livermore attorney who can handle all your estate planning and probate needs, schedule a consultation at (925) 447-1250.