Why Estate Planning is More Important Now Than Ever

2020 has been an erratic year across the board. We are reminded daily about our mortality. The coronavirus pandemic has made its impact around the world. Families have been upended. Many took for granted the stability in their lives, leaving them to ask the question “How do I prepare for the next disaster?”

The Tough Questions

We believe that confronting this topic head-on in a respectful manner is one of the most important things you can do when you begin to prepare. Start by asking yourself some difficult but necessary questions:

• In the event, I am sick and unable to make decisions, who will make medical decisions for me?
• What are my health care wishes that are important to me I would like my family members to know about?
• In case I am hospitalized, who will pay my bills and manage my finances for me?
• What happens to my assets when I die?
• To whom will I leave my house, money, or other assets?
• If I die unexpectedly, would my family be taken care of?
• If a loved one dies or becomes incapacitated, what are the steps I need to take, and what documents do I need?

It’s tough to talk about incapacity or death. It can feel counterintuitive in our day-to-day conversations. Most people would rather avoid even bringing it up until there is an absolute necessity. Also check: living trust lawyer in orange county.

But that’s what makes it all the more important.

Must-have Documents

So what are some examples of the documents you need to have in place and/or reviewed by an estate planning attorney? A complete estate plan is composed of a Living Trust, a Will, Financial Power of Attorney, and an Advance Healthcare Directive and a HIPAA Authorization.

These documents speak for you when you are no longer able to speak for yourself. They tell your family members, your heirs, and other parties what you expect to happen after your death or incapacitation. Without an estate plan, you would be leaving the most important decisions impacting your health care and financial affairs up to the courts and state laws.

Now is the time to consider establishing an estate plan or having yours reviewed. If anything, the pandemic has reminded us that the most important thing in each of our lives is our family’s safety and security. Physical health along with emotional health are two sides of the same coin and both must be given the care and attention they require.

At Basar Law, we’ve adapted to these new circumstances. We continue to serve our clients, and they frequently want to know how the pandemic has affected them. Whether you already have an estate plan or just curious to learn more, we’re eager to guide you on your estate planning journey.