Make Sure Your Estate Plan Is Prepared for Coronavirus

With over 2.6 million confirmed cases worldwide, almost everyone is guaranteed to be affected by COVID-19 eventually. Though there is no guarantee that you will catch the disease or suffer dangerous complications from it, these unusual times are still a great reason to take a second look at your estate planning goals.

Estate Planning Gets You Ready for Any Outcome

Many people procrastinate when it comes to estate planning because no one likes to think about dying or becoming severely ill. However, the reality is that avoiding estate planning does not protect you from potential dangers. Unexpected problems still arise, and you and your family can end up in unpleasant situations if you are not prepared for them.

An unfortunate truth is that the current pandemic makes all sorts of unexpected problems more likely. In addition to its unusually high risk of death, the COVID-19 virus can also cause severe pneumonia and other problems that can completely incapacitate you for a while. Furthermore, the economic downturn due to the virus is making it hard for many businesses to pay employees and cover operating costs. Experts are also predicting an increase in divorce rates, which may have an effect on estate planning for some families.

How to Handle Estate Planning During the Pandemic

If you have realized your current level of New Jersey estate planning is inadequate, it is important to meet with an estate planning litigation lawyer as soon as possible. Due to New Jersey’s current stay-at-home order and other safety measures, law firms are not operating out of their offices at the moment. However, almost all legal work can be done from home, so most estate planning litigation lawyers are still able to do every part of their job. The only difference is that you should call or email them instead of dropping by their office.

After your initial consultations, lawyers can draw up paperwork from their home office and send it to you. Thanks to modern technology, you can easily sign documents electronically, ensuring that all your estate planning is finalized as soon as possible. When a person is healthy, estate planning is usually a process that takes several weeks. However, attorneys are recognizing that right now is an emergency, so many are working extra hours to get things done as quickly as possible. Depending on your lawyer’s workload, you may be able to put all your affairs in order in just a couple of days.

Coronavirus Estate Planning Is More Than Just Wills

When people think of estate planning, their first thought is usually about wills. However, there is more to good estate planning than just writing up a list of who gets what item when you die. It should also carefully account for how you want your estate to be handled if you pass away or become incapacitated.

There are several factors you should consider when handling estate planning for COVID-19, such as instructions for how your health care should be handled if you get ill and guidelines for the running of your business if you are too sick. You should also name guardians for any disabled relatives or minor children and ensure protection for family members whose finances may be affected by divorce or creditors in the future. You may need to adjust any previous plans to make note of financial changes due to the economic downturn as well as find low-risk investment methods that do not rely on the currently volatile stock market.

Get Assistance From The Knee Law Firm

Even if you do not have a life-threatening condition, now is an excellent time to assess the state of your estate planning. Once the crisis passes, you can still continue to get peace of mind from knowing your estate is handled. The Knee Law Firm has been handling estate planning for decades, so we are fully prepared to help with creating trusts, drafting wills and more. Residents in and around Hackensack can call us at (201) 996-1200 or email us to learn more about how we can help.