Nobody wants to think about what happens to our family and our belongings when we eventually pass away. However, in the wake of the COVID-19 pandemic, estate planning has become something that more of us are starting to pay attention to. As the reality of the situation begins to set in for most of us, we are faced with our own mortality. This makes it the right time to start thinking about estate planning to make sure that your loved ones are taken care of in the event of your death.
It’s a pretty big task, and that’s likely why so many people put estate planning off for as long as possible. However, we have put together a few tips to help you get started.
1 – Review & Update Your Will
If you already have a will drafted, then you are off to a great start with your estate planning. However, if it was put together some time ago, then you may want to review the document and make any necessary changes. This is something that you should be doing at least every five years or following significant life changes, even when we are not facing a global pandemic. If you don’t have a will already, then now is an excellent time to rectify the situation.
2 – Review Your Retirement Plans
With much of the country on lockdown, you are probably finding that you have reduced your usual monthly expenditure. You will no longer be spending disposable income on entertainment, luxury goods, or travel. Why not consider diverting those funds towards your retirement plan instead. Consult with an experienced estate planning lawyer for advice.
3 – Review Your Investments
The economy is currently in an uncertain situation, and many companies are seeing their shares plummet in value. Now is a good time to consult your financial advisor and discuss possible changes to your investment portfolio. It could be an excellent time to take advantage of the depressed economic market to pick up some bargain stocks.
4 – Put Power of Attorney In Place
A significant consideration at the moment when it comes to estate planning is that you may become too unwell to make decisions about your finances and other areas of your life. It is important to name someone to act on your behalf in this situation. Often this is a spouse or the oldest child. However, COVID-19 means that there is an increased risk of several members of the same family or household falling ill or even dying. It is wise to name two or more agents to act on your behalf with at least one being someone outside of your direct family.
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