Death is not a favorite conversation topic. However, we all know it is something we must at some point discuss. The loss of a close friend or family member, or an event, such as the COVID-19 pandemic, seems to bring the topic to the forefront.
As you age, it is important to have your affairs in order to ensure peace of mind for you and your family. Several documents need to be in place to help your family know and carry out your wishes.
Estate planning is the process of arranging, while you are alive, what will happen to your estate, your children and your wealth after you die.
Many people are taking this time at home during the COVID-19 crisis to update their estate plan. Here are six critical estate plan components you should focus on, in light of the current pandemic.
Though most people who contract COVID-19 experience mild symptoms, it doesn’t hurt to be prepared if you do need to be hospitalized. It can feel scary thinking about getting sick or not being able to make decisions for yourself, but an estate plan is meant to ease your fears. After all, wouldn’t you feel better knowing that the burden of making health and financial decisions will never fall on unprepared family members?
Nobody likes to think about their own mortality, and that’s why so many people go without basic estate planning documents. Often, an event like the coronavirus can be the kick in the pants you need to get your affairs in order.
Estate planning involves making a plan for the transfer of your property upon your death or incapacity. Your estate is all of the property you own, which can include cash, jewelry, cars, houses, clothes, land, retirement, investments and savings accounts. The goals of estate planning are to make sure most of your estate is transferred to your beneficiaries, you pay minimal taxes on the estate and children are assigned guardianship.
It’s never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life’s unexpected twists and turns.
She can only mouth words and nod her head, but a bed-bound, 91-year-old Long Island woman has made herself clear — she does not want to be taken off the machines that keep her alive.
Experts say that creating a plan for what happens to your estate — regardless of how meager or massive your assets — is key for unmarried couples who want their commitment to each other protected in the event of death.