The Coronavirus (COVID-19) has had a significant impact on people throughout the world. This health crisis has changed people’s day-to-day life and many are uncertain as to what the future holds. If you’re reading this, we wish you and your family health and safety throughout the remainder of this crisis and beyond.
On a personal note, our law firm has been adapting to these new changes through the use of modern technology. We’ve been working remotely to accommodate client needs. Also, more than ever, we’re getting calls from a significant number of young people and those who have never previously thought about setting up wills, trusts, or planning for the future.
This article is going to cover details involving planning a comfortable future for yourself and loved ones and what aspects of estate planning are most important considering the current situation.
What Is Estate Planning?
Estate planning is setting up a plan so that your final wishes are known in the event you suddenly become ill or pass away. This type of planning is used to protect yourself and family members in the event of an emergency, as well as ensure safety and security for when you inevitably reach the end of your life.
Aspects of Estate Planning
There are many different aspects of estate planning. These plans can either be simple or complex depending on individual needs. Below are some common aspects involved in estate planning:
Wills – The most common legal way to dictate what happens to your property and assets after you pass away is to draft a will.
Trusts – When someone sets up a trust, this allows them to protect and distribute assets throughout the course of their life.
Power of Attorney (POA) – Establishing Power of Attorney designates an individual to make decisions on someone else’s behalf in case of a crisis.
Guardianship – A legal guardian has the authority to provide care for someone’s personal or property interests. Someone may obtain legal guardianship over a child or disabled adult.
Business Succession Planning – This type of planning protects a business in case of an emergency.
Planning For The Future
The current health crisis has left many with a feeling of uncertainty about the future. Obviously, the most important thing is to focus on health and safety; however, it’s also wise to put legal protections in place should you or a family member become ill.
Establishing a will or trust to plan for the future or setting up a Power of Attorney in the event of an emergency has now become an important consideration for many individuals.
The law firm of Sean J Nichols, PLLC is dedicated to providing high quality legal representation and estate planning services through our current health crisis. Our law firm is working remotely and can make any necessary accommodation to ensure client needs are met.
If you or a loved one have legal questions about estate planning, contact our office and let us know how we can best assist you.