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A Guide To Estate Planning Documents During The Coronavirus Pandemic

The coronavirus pandemic undoubtedly has us all on edge. We’re forced to confront the worst of our fears—falling ill, losing a job, loneliness, and even death.

With so much fear and anxiety weighing us down, you may feel the pressing need to get your affairs in order. Though some people that have contracted the coronavirus only experience mild symptoms, it doesn’t hurt to be prepared if you need to be hospitalized.

If the looming health threats in 2020 have taught us anything, it’s that you don’t want to leave the burden of making health and financial decisions on unprepared family members.

This is where estate planning comes in—so that when push comes to shove, they’re ready.

Let’s take a look at a few important documents you must get in order for estate planning and how an estate planning attorney can help.

What Documents Will You Need?

Contrary to what you may have heard, wills and trusts aren’t always the most important estate planning documents —estate planning is a lot more than just getting a will.

It includes an array of documents, such as the ones listed below.

Financial Power Of Attorney

This legal document gives an agent the authority to carry on a person’s financial investments and protect their assets on their behalf. The agent pays the bills, makes deposits, writes checks, and sign tax returns.

Health Care Power Of Attorney

Similar to a financial power of attorney, a health care power of attorney gives an agent the authority to make healthcare decisions on your behalf if you’re incapacitated or medically incompetent.

Living Will

This is an advanced healthcare directive that allows you to specify the end-of-life-treatment you want, or don’t want if you become terminally ill or permanently unconscious. Without a living will, the decision to remove your life support is left in the hands of your family members or your health care agent.

Last Will And Testament

This legal document allows you to direct the distribution of your property at the time of your death. It also allows you to appoint an executor who oversees the distribution of your assets—if you don’t have a will, your assets’ distribution will be handled by the state.

Additionally, a last will and testament also appoint a guardian to take care of a minor child. This state will also make this decision if you don’t appoint a guardian yourself.

Living Trust

A person signing a document with a pen

This is a revocable living trust—a legal contract to create an entity that holds your assets. You can change your trust at any time.

Appointing a living trust helps you avoid court-appointed conservatorship and probate. Additionally, the living trust provides support, education, and care for your children using the assets you left them. These assets are then turned over to the children once they turn 18.

Why Do You Need An Estate Planning Attorney?

Estate planning attorneys can help you sort out complex family and financial issues by looking at your life and your assets. They chart out a comprehensive plan of action in case of any unfortunate circumstances, so you don’t have to worry about what will happen to the loved ones and assets you leave behind.

From managing your trusts, wills, taxes, and probate processes to minimizing your estate’s taxes, hiring an estate planning lawyer is a necessity more than a luxury—especially during the uncertain and tumultuous times of the coronavirus.

If you’re looking for an experienced and proficient estate planning attorney in Reno, get in touch with Kalicki Collier today!

They also offer tax planning and business planning services to their clients. Call Kalicki Collier now for more information.

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