The Coronavirus Has Shown the Importance of Estate Planning at Any Age
The Covid-19 pandemic hit us when it was least expected. The country was going through one of its best phases of growth, the economy had peaked and millions of new jobs were getting created every year, and even at a social and political level, the country was enjoying a period of relative peace and stability.
But the coronavirus crisis changed all of that overnight. It has not only devastated millions of jobs and livelihoods, but it has also made people fear for their lives. The pandemic at a psychological level is serving as a grim reminder that life is fragile, and death is indiscriminate. There are no guarantees of what tomorrow holds for anyone.
One thing that this pandemic is doing is causing people to recognize the importance of estate planning at an early age. The idea that death will knock at the door of only the old and the infirmed is misplaced. It is prudent to preserve your wealth and property, secure the financial future of your family and kids, and do your estate planning with the help of an experienced attorney.
More Young People are Now Making their Wills
Amid the environment of uncertainty creating by the Covid-19 pandemic, an increasing number of younger people in their 30’s and 40’s from different walks of life are seeking to make their wills. They do not want to take chances on this matter any longer. According to a report on ABC News, the demand for wills is skyrocketing.
The pandemic is changing mindsets. People no longer think that estate planning is only for the old or the wealthy. Many younger people are now willing to say: “I may not have a large fortune worth fighting for, but I have little kids. I wish to ensure if something happens to me or my wife, our wishes are already written down in legal form.”
The demand for healthcare proxies is also on the rise. (It means authorizing another person to make medical decisions on your behalf if you are incapacitated). The number of people making inquiries for the creation of trusts is also rapidly increasing in the present situation.
The key is choosing a knowledgeable estate planning attorney who is equipped to provide state specific and legally binding services, rather than a low-cost online provider that may not be able to fulfill all your objectives. You need to have documents that hold up to the scrutiny of the courts.
Estate Planning Involves More than Just the Will
A strong and comprehensive estate plan should include much more than just a will. It should encompass various other critical documents, such as the financial powers of attorney, a revocable trust (or a living trust), and even the medical powers of attorney. All of these documents will be vital to your overall estate planning.
In the present context of the Covid-19 crisis, both financial and healthcare powers of attorney are two of the key documents that you should have on hand. If you become incapacitated, are hospitalized, or even quarantined in your home, you should ideally have someone you can trust to make medical decisions on your behalf or do your banking and financial work.
But these documents are just the immediate requirement in the prevailing situation. The most prudent approach would be to put together a solid estate plan in consultation with a skilled and reliable estate planning law firm in Kentucky.
Revocable Living Trust
A revocable living trust is essentially a legal contract, which you make with your own self in order to create an entity that will hold your assets. You can set it up in a way that it outlives you, and yet you retain the power to change the trust at any point of time (that’s why it is ‘revocable’).
If you are rendered incapacitated or are no longer able to manage your estate for any other reason, your living trust will continue to work and will avoid the need for a conservatorship appointed by the court. This trust will enable the appointment of a successor trustee who will take charge in your absence and manage your assets without any court involvement, and avoiding the costs, time and efforts associated with probate.
A trust will also ensure that you have privacy with regard to the details of your estate. This is unlike a probate, which is going to be a public process (similar to any other court proceeding). Most importantly, a living trust can ensure that the education and support for your child is taken care of, and the trust assets are turned over to them at an age of your choosing.
Plan Your Estate with a Dependable Kentucky Law Firm
It is never too early to start planning your future or that of a loved one, and now is the right time to think about your wealth preservation and asset protection. At John H. Ruby & Associates, our experienced estate planning attorneys are here to help you with drafting of your will, powers of attorney, living trust and other documents.
Right now, we’re offering a 25% discount on all estate planning documents while the coronavirus shutdown is ongoing, so there may never be a better time to get your final affairs in order.
Call us now at 502-895-2626 or message us online to schedule a free consultation.