Top 10 Estate Planning Tips in a Time of Coronavirus

The COVID-19 pandemic has many people finally taking action to fill out advance health care directives, wills and powers of attorney. Below are a few tips to help you along the way. 

Even if you have not made an estate plan, it isn’t too late to get your affairs in order so that you and your family are prepared for the worst. 

Below are top 10 estate planning tips for Coronavirus:

1. Advance Health Care Directive
   • Sometimes called a patient advocate designation or health care proxy, this document names someone to make health care decisions for you if you ever cannot do so yourself.
2. Last Will and Testament
3. Financial Power of Attorney
   • This document gives someone the legal authority to manage your financial and property affairs on your behalf while you are still living.
4. Retirement Accounts
   • Update your beneficiaries to ensure your savings go to the right person(s) when you die. 
5. Bank and Investment Accounts
   • You should choose someone as the transfer on death (pay on death) beneficiary on your accounts. 
6. Life and Disability Insurance
   • If you already have insurance, you should update your beneficiaries. 
7. Digital Assets
   • If you are dead or incapacitated then someone needs to be able to access your digital assets, like email and social media accounts.
8. Pets
   • You should know who will handle/take care of your pets after you die. 
9. Funeral and Burial Arrangements
   • If you have specific wishes for after you die, make sure the right person knows about them. 
10. Family Meeting 
    • Finally, now might also be a good time to have the conversation with your loved ones about their own estate plans

See Sam Nuxoll, Top 10 Estate Planning Tips in a Time of Coronavirus, Kiplinger, June 16, 2020. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.