There are only so many things we can plan in life, and while we may not have the power to control the current global health crisis and how it develops, we do, however, have the ability to protect ourselves and our loved ones and secure our future whatever the outcome.
As much as we like to plan our lives and envision our future, the fact of life is that it’s unpredictable. The recent global outbreak of the deadly coronavirus only goes to show how life as we know it can change in the blink of an eye.
It is during these hardships that we learn about life’s fragility and how important it is to take the necessary steps to protect it. The current situation with the COVID-19 pandemic represents a chance for us to take a step back and reassess any of the plans we had for our future and set up our estate plans or update the existing ones. While certain things may be out of your control right now due to COVID-19 restrictions such as social distancing, estate planning isn’t one of those things, and getting your proceedings in order is something you can easily do even during these critical times so you can be prepared for whatever life throws your way. Below, tips and recommendations for handling estate planning in a time of coronavirus.
Rely on your power of attorney to protect your assets
If there is one thing that this pandemic has taught us, it is that good health is not something that’s guaranteed to us. Things can change in an instant, and you may become unable to handle your financial matters, especially if you end up in a hospital or otherwise become incapacitated.
It is in these moments when it pays to have someone you can rely on to manage your financial affairs for you. A person of trust is invaluable in such difficult times, and it’s usually the child, the spouse, or the sibling that takes on the role of an agent in such instances. If you don’t already have POA or power of attorney in place, it is crucial that you start the process as soon as possible in order to protect your assets. The person you select for your agent will be able to act on your behalf and be your voice in instances when you’re unable to speak for yourself, so make sure that you have these documents in place and consider updating them if needed.
Create or reassess your Last Will and Testament
These two documents are essential for ensuring financial protection of your loved ones and proper distribution of your assets. As such, they play the most important role in estate planning, especially during a coronavirus pandemic, and creating them is imperative for ensuring that your wishes are fulfilled after you pass away.
Regardless of whether you want to create Last Will and Testament or need to reassess them, your safest bet would be to hire reputable experts such as Estate First lawyers who specialize in the field and rely on their in-depth knowledge and experience. Doing so will ensure that your assets are protected and properly distributed while also making the process of estate planning less of a complex experience.
Invest in working with a team of professionals
How well you’re able to preserve your wealth and assets for the future generations depends on how organized your estate plan is. An estate plan that is not properly organized, or, even worse, a plan that’s lacking altogether, could be detrimental to your finances and end up costing you much more than if you had worked with a team of professionals in the first place.
This is why you want to ensure that you’ve got a team of trustworthy advisors on your side when the time comes to handle estate planning. Not only will they take the stress out of the equation and make the process feel less complicated, but they’ll also ensure that you’re properly represented, both in the legal and financial sense while also aiding you in navigating available opportunities and ensuring the best possible outcome.
Protect yourself through life insurance policy
This is one of those investments in life that could benefit individuals regardless of whether or not they have family members who depend on them financially. Protecting yourself through life insurance policy becomes even more important during times of uncertainty such as the global health crisis we’re facing nowadays.
Whether you need help covering debts and mortgages or are dealing with unexpected coronavirus-related expenses, getting life insurance is a wise financial move, as is updating the existing policy if you already have one.
Wrapping up
The current global health crisis has, quite literally, turned the world upside down.
There are only so many things we can plan in life, and while we may not have the power to control the current global health crisis and how it develops, we do, however, have the ability to protect ourselves and our loved ones and secure our future whatever the outcome.
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