It’s time to make an estate plan
The COVID-19 pandemic has created an unmatched global economic shutdown and an uncertain future. During these turbulent times, it is normal for people to start thinking about whether their affairs are in order if something happens to them. The question then arises how their loved ones and assets will be protected. Estate planning during COVID-19 can help to deal with some of the uncertainty.
The truth is, even if there is no imminent health threat, everyone should have an estate plan beforehand. If you don’t have one, then there’s no better time to put it together than now. If you suddenly pass away or become disabled without the proper estate planning in place, you and your family could be at great health and financial risk.
Like other businesses, the Courts are at one-time closing or imposing an extreme limit on the number of people permitted in court. As a result, the process of gaining legal authority to make important decisions on your behalf could be quite lengthy. It could take several months without having the correct papers for estate planning in place. However, it is never too late. You and your family can be covered from these types of circumstances with effective estate planning.
Estate planning considerations
Our professional estate planning lawyers offer simple strategies to help your estate planning during COVID-19:
1. Use the time to get your assets for estate planning. You now have the time to reflect on the issues of estate planning. Utilize your isolation time in creating an effective estate plan for your children or loved ones. The current environment presents an opportunity to examine your overall estate plan. You may also consider strategies for wealth transfer that may be beneficial during this time period.
2. Estate planning during isolation. You may not be able to meet your lawyer physically but you may still be able to create, update, or finalize your estate plan. Most lawyers work remotely and are accessible to advise you through email, telephone, and video calls. You can always consult with a lawyer at Kazembe & Associates through a phone call or by sending an email to our law office. The lawyer can draw up documents for review and email them to you, or have them delivered by mail or a tracked delivery service.
3. Check your wills and trusts. If your family or financial situation has changed since you last had your estate plan prepared, it’s important to examine your existing estate plan right now. If you don’t have a basic Will or Revocable Living Trust Agreement in place, now is a good reason to start the planning on creating one and initiate the process for your estate planning.
Benefits of estate planning
There are many benefits of having a structured estate plan. These include avoiding probate, tax savings, disability planning, caring for minor children. For many, the most important benefit is peace of mind. Going to see an estate planning lawyer can be like going to the doctor for some people. However, realizing that you’ve planned at the right time and that your wishes, expectations, and priorities are in writing will ease some anxiety during these uncertain times.
At Kazembe & Associates, we acknowledge that all the needs of our clients are different. As a result, estate plans are not a one-size-fits solution for everyone. When you work with our expert team of lawyers, you can be assured that we will work with you to create a plan that works best for your needs today. Furthermore, we will be here to help you update the plan in the future should your financial situation change.
If you have any queries, contact us