The coronavirus pandemic is affecting people both personally and professionally. Are your personal affairs in order? Is it time to create or review your estate plan documents?
The following should be taken into consideration during the estate planning process:
- Do you have a medical power of attorney and a living will?
- Who are your powers of attorney? Have they been notified?
- Have you appointed guardians for your children?
- Do you have the appropriate beneficiaries designated in your life insurance policies, pensions and IRAs?
- What are the benefits of a revocable trust?
Planning ahead can reap many benefits, including:
- Avoiding probate which can be costly, time-consuming and public.
- Combatting disputes over guardians for minors.
- Minimizing tax liability.
- Personal satisfaction and less stress as you decide how your estate is distributed.
To customize an estate plan that meets your needs, contact one of DBL Law’s Estate and Succession Planning Attorneys today.
