Is Estate Planning and Writing Will the Same Thing?
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
An element of advance care planning, a living will is a legal document that provides specific instructions on how to carry out your wishes to receive or decline such treatments when you otherwise can’t communicate those wishes yourself.
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.
The coronavirus pandemic has certainly caused havoc and concern for many people, particularly in regard to their health and their finances — and these two areas intersect in estate planning. So, if you haven’t drawn up your estate plans yet, or you think they may need to be revised, now may be a good time to act.”
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?
The COVID-19 crisis isn’t just costing Americans their freedom and jobs; it’s also forcing millions to contemplate their own mortality.
You’ve considered how you want your estate to be distributed after you die. Hopefully, you’ve even written a will to make sure your wishes will be followed. So, your estate is planned…right?
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.
Around two-thirds of all Americans have not prepared a health care directive, according to a December 13, 2019 article written by a personal finance specialist at Forbes. The author noted the irony of this figure, pointing out that California was the first US state to enact a law regarding health care directives back in 1976.