The Importance of Estate Planning During Uncertain Times: COVID-19

Posted on Mar 19, 2020

When working with our Will and Trust clients, we always preach the importance of having their estate planning documents in place. 

We also tell clients if they do not have any documents in place, they have chosen the NO PLAN, estate plan. Considering the uncertainty in the world right now, this is clearly NOT the recommended estate plan.

In our practice, we find urgency is created when tragedy strikes.

I get that call when a client recently loses a loved one who did not have any plan in place.  They want to make sure that does not happen to their own family.  We see this also when clients are preparing to travel with their families, they want to make sure everything is in place, especially if they are leaving children behind.

As I personally reflect on the uncertainty that is around the Coronavirus, I have taken this time to pull out my own documents and put it on my “things to do right now” list.  I have reviewed my Last Will and Testament, Trust and Ancillary Documents.  After all, I am human and battle my own procrastination of thinking I will get to it “later”.

If this pandemic is keeping you up at night, I encourage you to review the checklist below.  After all, don’t you want to stay in control and make the decisions regarding who gets your assets or who takes care of your kids in the event of death or incapacity?

  • Review your Last Will and Testament, Ancillary Documents and/or Trusts.
  • Make sure your important documents are stored in a fireproof safe in your home and NOT in a safe deposit box.
  • Take inventory of your current assets.
  • Determine which assets are probate and non probate.
  • Review your beneficiary designations on life insurance policies, IRAs, etc.
  • Review your bank accounts and consider adding “pay on death”, “right of survivorship”, or “transfer on death” designations.
  • Create or update your password and login spreadsheet.

During this difficult time of COVID-19, we continue to be committed to assisting you and will continue to provide our legal services by phone and videoconferencing.  As you review your estate planning documents, we are here to answer your questions.  Please do not hesitate to contact us.

Contact our Estate Planning Attorneys to take advantage of our free consultations to discuss your legal needs. 

Call 214-559-7202 or contact us to schedule your phone appointment today!

 

Lori Ashmore Peters
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Helping Dallas area families with all of their legal Estate Planning, Probate and Business Planning needs.