Estate Planning in Light of COVID-19
Being concerned about what might happen next is completely understandable. Becoming incapacitated is a possibility even for people who don’t test positive for COVID-19. While you might be concerned about what might happen to you medically, you might still be able to do something for your health and estate through estate planning law. Your family may want to have power to make the medical decisions that you can’t make on your own.
Preparing for any kind of incapacitation isn’t always about what happens to you medically, moreover. There might be concerns about bringing in a conservator to care for your assets or figuring out how to care for your children. You can set things in place to prepare for testing positive or for other medical circumstances.
COVID Incapacitation
Now might be the time to start working on or reworking your living will. Though every case is different and you should definitely consult your doctor about health matters, it’s possible that being diagnosed with COVID-19 could result in eventual incapacitation. Being in a coma as a result of COVID-19 is a real thing. Your living will is one of the best ways to tell your doctor of what to do next even if you’re unable to mouth the words.
This is the central document if you want your friends and family to know what to do when you become incapacitated or if you are close to passing. Otherwise, they may not know what you’re looking for them to do in various circumstances. Never forget that incapacitation almost never helps you while you’re working on estate planning. That said, it’s wise to do things early on while you’re still healthy, ensuring that incapacitation won’t invalidate anything that you’ve set in place.
POA or Backup
Though you may have no interest in having a guardian or a conservator, it’s important to at least consider them. Unless you have durable power of attorney put into place, you may at least need to have a guardian in order to make medical decisions for you. That may involve someone else getting a bond in order to care for you. Conservators can be there to handle your assets while you’re physically unable to, and that doesn’t mean that a conservator can’t be your guardian and vice versa.
If having a guardian or conservator doesn’t sound appealing, durable power of attorney is almost always a good idea. While it’s true that you need to find someone you trust, a spouse or a best friend are two great options, if you believe that you may need someone to make medical or financial decisions for you, maybe have a bit of say in who decides. Regular power of attorney will not last if you become incapacitated. If you don’t grant durable POA, you may want to make your family aware of them possibly needing to find you a guardian or a conservator.
Caring for the Kids
It’s possible that you might not be the only person who needs a guardian. Your kids might come to depend on one until they can care for themselves. Designating someone else to be their care giver is something that you can do even if your kids enjoy the luxury of a two-parent household. You may be thinking about how the virus will affect you, but you’ve also got to plan for how it may affect the rest of your household.
This doesn’t mean that you have to forfeit your parental rights. Just think of this as making sure that your children will have a home to come to. There’s the chance that both you and your partner could succumb to COVID-19. You may even want to start having the talks sooner than later as they might want to have say in how their kids are taken care of, too. Not every estate planning decision should be done on your own.
Get the Executor
On top of having a will to account for your estate, it might be wise to also designate an executor of your estate. They’re the one who will be accountable for carrying out the contents of your will. While you might just want to draft a will and be done with it, that may not be the best option. Someone has to do all the hard work in your absence and that person may want some heads up.
A will is an essential part of estate planning and you may even want to start there. Nonetheless, don’t neglect figuring out who will do the dirty work. Treat them as you would treat the person that you give durable power of attorney to. All of those debts and creditors that want their money back will have to go through your executor if they want some of your assets. Moreover, they have to do most of their job when you’re not around anymore. While you might talk with the person who previously served as your guardian or conservator, your executor might just have to work while thinking of all the good times that you shared.
Minnesota Estate Planning Lawyers
Yes, you should probably talk to medical professionals if you think you need to get tested. Assuming that you’re healthy, you may want to take the time to speak to someone from Flanders Law Firm LLC. If you’re worried about going in-person, enter 612-424-0398 into your phone and request a free quote.
You can get an estate planning lawyer who’s helped people deal with all sorts of concerns to assist with the fears you might have. Staying healthy is one of the best ways to prevent your concerns from ever coming to fruition, but it never hurts to have a little backup. At least, take the time to talk things through and prepare for better or for worse.
