December 4, 2020
Bill O’Leary, Esq.
Asset Protection, Elder Care, Elder Law, Estate Planning, Long-Term Care Planning, Power of Attorney, Probate and Estate/Trust Administration

No Time Like the Present Pandemic to Get the Estate Plan Going

The pandemic has made many people focus on depressing things, like death. Many of us are worth more dead than alive.

Federal News Network’s recent article entitled “It’s your estate, but who gets it?” says that lack of control is one of the frustrating things about this already terrifying pandemic. We can wear masks, keep our distance and avoid crowds, but then what?

There are some very important and valuable things that are still under your control. One of these is estate planning.

Any number of things could have occurred in 2020 that are off your radar because you’re still adjusting to the many changes the pandemic has brought to our everyday lives.

Many people see their estate plan as one of life’s necessary chores. Once it’s signed, they simply file it away and forget about it. However, an estate plan should be reviewed regularly to be certain that it continues to meet your needs. Here are just a few of the life events that make it essential for you to review and possibly revise your estate plan with an experienced estate planning attorney:

The birth or adoption of a child
You are contemplating divorce
You have recently divorced
Your child gets married
Your child develops substance abuse problems or has issues with managing finances
Those you’ve named as executor, trustee, or agents under a power of attorney have died, moved away, or are no longer able to fulfil these obligations
Your child faces financial challenges
Your minor children reach the age of majority
There has been a change in the law that impacts your estate plan
You get a sizeable inheritance or other windfall.
You have an estate plan but can’t locate it
You acquire property; or
You move to another state.