The COVID-19 virus has forced many of us to think about mortality in ways we may have previously avoided. While this can be uncomfortable, it may also have some benefits. For example, many people are asking important questions about their estate plans, verifying that they have taken all the right precautions with regard to their legacies and end-of-life wishes.
Indeed, in the middle of this pandemic, it may be a prudent time for a video conference with your living will, trust, power of attorney lawyer. In particular, there are several important questions worth raising.
What to Ask Your Living Trust Attorney
- Will my children be properly taken care of? If you have minor children, their wellbeing is obviously the first priority. Should you and your spouse both become ill and pass away, it’s important to make sure you have a chain of guardianship established, along with provisions to ensure your child has everything they need.
- What about my tax strategy? An important part of estate planning is minimizing the amount of taxation you owe. Ask your living trust attorney if any revisions need to be made on the basis of recent COVID-inspired tax legislation.
- Do I need a living trust, power of attorney, or advance health directive? Estate planning isn’t just about material assets. It’s also about making sure your wishes are upheld in the event that you become medically incapacitated. A will, trust, power of attorney expert can counsel you on the best precautions for you to take.
- Is my will enough? Some individuals believe that a will alone is sufficient for their estate planning needs. In some cases it may be, but in a majority of instances, it’s more prudent to have a trust, among other estate planning documents. This is an important point to discuss with your lawyer.
- How will an economic downturn impact my estate plan? The pandemic has already taken an economic toll, and there will likely be considerably greater impact in the months to come. This can have an impact on your assets and may require some changes to your estate plan. This is an important point to bring up as you talk with your living trust and will lawyers.
- Do I have the right trustee? If you have a living trust as part of your estate plan, then it’s important to name a responsible person as trustee. In the coronavirus era, it may also be a safe bet to name someone to be the backup trustee, on the off chance that your primary trustee is unable to fulfill their duties.
- When and why should I revise my estate plan? There are a number of reasons why it might make sense for you to revise your estate plan. You might update it on the basis of changes to your assets and their total value. Changes to your family dynamic might also prompt reassessment of your estate plan. Ask your living trust attorney for their advice about when to call them about amending the estate plan.
Speak with Your Living Trust and Will Lawyers Today
As you think about the lingering impact of coronavirus, you may have any number of questions for your living trust and will lawyers.
At Singh Law Firm, we are prepared to talk with you about any of your estate planning needs, all while maintaining the appropriate social distancing. To learn more about a will, trust, or power of attorney, contact us today. Let’s talk together about your legacy, and about the tools available for you to keep your loved ones safe and sound.