The Importance of an Estate Plan During Covid-19
The number of corona virus cases continues to rise on a daily basis. Especially for those persons in the most vulnerable segments of the population and workforce, it is important to have an estate plan in place which includes a Last Will and Testament, General Power of Attorney and Medical Power of Attorney (Living Will) prepared by an attorney.
A Last Will and Testament provides for the disposition of your assets in accordance with your wishes to the friends, family members or organizations you designate as your beneficiaries. Without executing a Last Will and Testament, assets and property will pass to the persons designated as your heirs under the law, which may or may not be consistent with your intentions.
A General Power of Attorney allows you to designate a trusted person or organization as your agent to manage your financial, business and other day-to-day affairs when you can no longer do so on your own due to inability or incapacity. Having a General Power of Attorney in place ensures your affairs are appropriately managed in accordance with your wishes and provides direction to avoid issues or problems in the future with maintaining the status quo.
A Medical Power of Attorney (Living Will) allows you to designate an agent to manage your health and medical affairs when you can no longer do so on your own as a result of inability or incapacity. They also include a statement of your treatment preferences to be followed in the event you are diagnosed with an end-stage/terminal medical condition or are permanently unconscious without the prospect of recovery. Having a Medical Power of Attorney (Living Will) in place ensures that your preferences and beliefs regarding specific healthcare and medical treatment decisions are followed and respected by your agent if the need should arise.
The best time to have these documents drafted and in place is now, before you find yourself in a situation where they are needed. The estate planning attorneys at van der Veen, O’Neill, Hartshorn and Levin are ready and available to answer your questions and prepare these important documents for you today.