Estate Planning During Covid-19

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The rapidly evolving coronavirus (COVID-19) pandemic has profoundly affected the daily lives of most Americans.

The coronavirus is part of our daily lives now. It transmits easily and it is spreading at an alarming rate. Elderly are especially vulnerable as well as those who have an underlying issue such as diabetes, cancer, respiratory problems, among others.

What are some of the things you should be doing to make sure your estate plan is equally prepared?

Review Your Last Will and Testament and/or Living Trust

Now is the time to review your will.  Do you even have a last will and testament? A large portion of the population do not have a will signed and executed.

A last will and testament to be valid in Texas must be signed by you in front of two attesting witnesses, with the witnesses in the presence of the testator, normally with a notary.

When was the last time you reviewed your Texas revocable living trust? Do you need to update your beneficiaries and how they are to receive the property? Have you funded your trust with your assets?

Review Your Medical Power of Attorney and Physician’s Directive/Living Will

The medical power of attorney appoints an agent to make health decisions on your behalf as well as receive health care information from your doctors. Have you designated a loved one as your agent to assist you with the unfortunate event that you have serious complication due to the coronavirus or another medical conditon?

A Physician’s Directive, sometimes called a living will, is the document where you designate whether you want life-prolonging treatment should you be in a terminal state. Do you want respirators to help you breathe? Do you want to be kept alive artificially? All of these are hard questions that must be thought about ahead of time and discussed with the people you love. This will help reduce the strain on your loved ones during a difficult time.

Review Your Financial Power of Attorney

If you are battling serious corona symptoms, a durable power of attorney is a key document in your estate plan. The durable power of attorney allows you to designate an agent to make financial decisions on your behalf. This allows your appointed agent to be able to handle your financial affairs in the event you are unable to do so. This can provide peace of mind during recovery.

Concluding Thoughts

As estate planning attorneys, our firm deals with a lot of elderly individuals and those with special needs who are looking to protect their families. These communities are especially vulnerable against the coronavirus. It is our social responsibility to try to do everything in our power from spreading this vicious disease.

If you have any questions relating to estate planning and how to protect yourself in the event you are infected with the coronavirus, contact our office at (281) 720-6770. Together as a community we can overcome this ordeal.