No Time Like the Present Pandemic to Get the Estate Plan Going

There’s nothing like a once-in-a-lifetime global pandemic to focus one’s thinking. 2020 has been one for the books.

The pandemic has made many people focus on depressing things, like death. Many of us are worth more dead than alive.

Federal News Network’s recent article entitled “It’s your estate, but who gets it?” says that lack of control is one of the frustrating things about this already terrifying pandemic. We can wear masks, keep our distance and avoid crowds, but then what?

There are some very important and valuable things that are still under your control. One of these is estate planning.

Any number of things could have occurred in 2020 that are off your radar because you’re still adjusting to the many changes the pandemic has brought to our everyday lives.

Many people see their estate plan as one of life’s necessary chores. Once it’s signed, they simply file it away and forget about it. However, an estate plan should be reviewed regularly to be certain that it continues to meet your needs. Here are just a few of the life events that make it essential for you to review and possibly revise your estate plan with an experienced estate planning attorney:

• The birth or adoption of a child
• You are contemplating divorce
• You have recently divorced
• Your child gets married
• Your child develops substance abuse problems or has issues with managing finances
• Those you’ve named as executor, trustee, or agents under a power of attorney have died, moved away, or are no longer able to fulfill these obligations
• Your child faces financial challenges
• Your minor children reach the age of majority
• There has been a change in the law that impacts your estate plan
• You get a sizeable inheritance or another windfall.
• You have an estate plan but can’t locate it
• You acquire property; or
• You move to another state.

If any of these events occur, talk to your estate planning attorney to see if it is necessary to revise your estate plan to address these issues.

Reference: Federal News Network (Nov. 4, 2020) “It’s your estate, but who gets it?”