Coronavirus Estate Planning Lawyer Phoenix, AZ
CORONAVIRUS: GETTING YOUR ESTATE IN ORDER
Having an estate plan is always important, but even more so in the midst of a global pandemic when the threat of serious illness is greater than normal. Estate planning is the process of managing a person’s estate during their life, during incapacity, and eventually after death. To get your estate in order during Coronavirus, consider hiring a lawyer who specializes in estate planning. The lawyer can assist you in creating the documents you need to plan for both today and tomorrow.
A good estate plan contains “living documents” in the event of illness or incapacity. These documents indicate your financial and healthcare desires in the event that you are not able to make those decisions for yourself.
- Financial Durable Power of Attorney: this document allows you to appoint a representative to manage your finances should you be unable to do so for yourself. A general practice is to provide this person with all the legal authority over your finances that you hold, so that they may truly act on your behalf. You can choose to make a POA effective immediately or upon your incapacitation.
- Healthcare Directives: Healthcare directives are actually three distinct documents:
- Healthcare Power of Attorney: this document allows you to appoint a representative to make healthcare decisions on your behalf should you be unable to do so for yourself.
- Living Will: in this document, you can specifically outline any healthcare services you wish to receive, or perhaps, more importantly, those you DO NOT wish to receive.
- HIPPA Authorization: this document allows you to name an individual who can have access to your medical information so that your health care provider or insurance company can legally share your protected medical information with them.
As we’ve seen with the Coronavirus, people who are affected often spend days or even weeks in the hospital. Sometimes they are unconscious and unable to communicate. Living documents help communicate your desires clearly, which is helpful to medical staff, financial institutions, and your family alike.
If you are able to, consider also making the following “after death” estate planning documents:
- Last Will and Testament: This document allows you to communicate what will happen to your assets after your death. It also allows you to:
- Appoint An Executor
- Name Your Beneficiaries
- Provide Instructions for How and When to Distribute the Assets
- Name Guardians for Minor Children
- Living Trust: an entity created during the Grantor’s lifetime to hold and manage assets. There are many advantages in creating a trust, including avoiding probate. A Living Trust can provide even more specific instructions and protections than a Will.
In these unprecedented times, creating an estate plan is one of the smartest things you can do for you and your family. No matter which documents you want to put in place, you’ll need to hire a lawyer. Call Kamper Estrada, PLLC for a free one-hour initial consultation with our experienced Coronavirus Estate Planning Lawyer Phoenix, AZ residents recommend.