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?
There is no time like NOW to make sure your estate plan is in order. If you do come to the realization that these documents are extremely important for many reasons, our firm is set up to do everything remotely.
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