Covid 19 Legal Concerns

As we all know by now, the Corona Virus is a global epidemic.

The advice we receive about food and medicine is very important, but what should people do from a legal perspective? Review your last will and testament or revocable living trust – are they accurate to your wishes? Do you even have those documents?

These are the things you want to think about here:

• Is your current executor or trustee able to serve in case of an emergency?
• Is your current executor or trustee still the best person to serve your needs?
• Are your beneficiaries up to date? And are they still alive?
• Should these beneficiaries receive their bequest outright? Or is it contingent? Should this change?
• Do not forget to review your IRA/401k/annuities and life insurance to make sure you have up to date beneficiaries named upon your death.
• With regards to funding your trust: Are your assets transferred to your revocable living trust? Do you know what assets should go in your trust? These assets should be titled correctly to the created Trust – if done correctly this ensures that you avoid Probate.
• In case of emergency, do you have a durable power of attorney?
  • How about your advance directives? 

To learn more about estate planning visit our main estate planning page.