Creating a “Post-Pandemic” Estate Plan

As our lives slowly return to what looks to be a new normal, our Williamsburg, Peninsula, and Southside Will and Trust lawyers want to remind you of the importance of creating a “post-pandemic” estate plan. Essentially, that means making sure that you have legal documents in place that reflect where you are in life right now.

Over the past two years have you:

• Lost a job?
• Closed a business?
• Elected to take an early retirement?
• Developed a health issue?
• Lost a spouse?
• Lost a child?
• Are you caring for a sick parent?
• Did you sell or purchase a home?

If you answered “yes” to any of these questions, you most likely need to create a post-COVID estate plan or significantly adjust any older documents that you may already have in place.

Taking this step will provide you with confidence and help you follow the road to peace of mind knowing that your plan is an accurate reflection or current snapshot of your life. It is one that clearly outlines your current wishes for your family and assets in the event you become ill, disabled, incapacitated, or pass away.

As you start to take stock of your planning (or lack of planning), ask yourself:

• In what ways has my life changed since I created my documents (or do I have estate planning documents)?
• Have the laws changed and how do these law changes affect my plan?
• Have my assets changed?
• Have my wishes changed?
• Do I have new medical needs that weren’t addressed previously in my plan?
• Have the needs of a loved one changed (a parent is struggling to live at home, a child is having financial problems, a loved one has a disability, etc.)
• Am I still happy with the people that I’ve named in “helper roles,” such as my Power of Attorney, Executor, Trustee, or Guardian of my children?
• Have I changed my mind about anything that was in my previous plan?
• Are births, deaths, divorces, marriages, and re-marriages reflected and planned for accordingly in my legal documents?
• Does my healthcare Power of Attorney still represent my medical wishes and long-term care preferences?

As you think through these questions and issues, grab a piece of paper and jot down any areas of concern. You may also want to discuss these questions with your loved ones to ensure that you don’t miss anything. After that, contact our office. Please do not attempt to make handwritten cross-outs on your documents or DIY (Do it yourself) changes to your plan!  We are happy to have a conversation with you about your next steps so that you don’t make a costly or irrevocable mistake. To schedule a consultation, contact us at (866) 603-5976. We look forward to planning with you.