The coronavirus outbreak has now reached the level of a pandemic, according to the World Health Organization. As a result, countries around the world are taking serious countermeasures to slow its progress. Likely, you have already made changes to your everyday life to accommodate the government’s recommendations. However, planning for the future of your estate may have gotten lost in all the noise. Even though the U.S. is still collecting preliminary data, we know that the virus spreads quickly and can sometimes prove fatal. For these reasons, it is a good idea to revisit your estate planning documents. Preparing for the unexpected can’t hurt in these uncertain times.
If you have not already done so, you may want to appoint a power of attorney in light of the coronavirus outbreak. A power of attorney grants someone you trust the power to make certain decisions for you. Typically, this person will begin to make decisions on your behalf if you are mentally incapacitated. In this situation, a financial power of attorney will manage your financial affairs while a medical power of attorney will handle your healthcare decisions. Should you contract COVID-19, relying on a trusted power of attorney may give you peace of mind.
Drafting your estate planning wishes, and keeping them up to date, is always a good idea. This is true regardless of whether there is a pandemic ongoing or not. However, the coronavirus serves as a reminder that the world can change in unexpected ways. To accommodate the uncertainty COVID-19 may introduce, have our estate planning lawyers review your documents. We can work with you to develop a comprehensive and accurate reflection of your wishes. To get started, give us a call at (512) 355-0155 or leave us a message online.