COVID-19 and Estate PlanningRead Now
The mortality projections from the COVID-19 virus range from a low-ball, happy-talk 100,000 to an alarmist 2.8 million. That is a lot of death. The majority of Americans will have first-hand knowledge of someone in their social network who grieves for a COVID-19 casualty. Whatever the number, a lot of people will die from the pandemic. Their deaths will be added to the 2.8 million people who die annually in the United States.
Dead people leave estates. Everyone leaves an estate no matter how meager. For most working-class people, their estate consists of stuff and people. The people are your family and friends. Stuff is all you’ve accumulated in your life regardless of value. An estate plan gives you a final say.
Planning for death isn’t widespread. A majority of Americans will die without an estate plan. The reasons are varied:
Some people superstitiously believe that planning for death brings it on quicker. Sooner or later does matter, but die you will. And dying without an estate plan from this pandemic or of natural causes in the next century will cause confusion and unnecessarily burden your family. The lack of an estate plan forces your family through the strain of the probate court.
The real purpose of an estate plan is to provide peace of mind and give you a sense of accomplishment. The majority of Americans desire an estate plan.
An estate plan is part of a MoneySmartLife. The COVID-19 pandemic reminds us of the need to get or update ours now. Admittedly, there is a knowledge gap when it comes to estate planning for most. You have to close your gap of knowledge on this. Informing yourself will help you help your family, friends, and yourself successfully deal with this fact of life during these times of high anxiety. Being informed will make your interactions with estate and financial planning professionals more fruitful.
The pandemic offers the opportunity to address estate planning with your social network. Parents should be especially aware of estate plans regarding minors. Unresolved custody issues can be extremely volatile and detrimental to relationships and finances. COVID-19’s virulent infectious nature requires those that die, must often die alone. There will be no bedside visits and last wishes. Discuss, then codify your desires with your family now. Once your estate plan is handled, encourage others in your social network to do the same. Everyone should have an estate plan, even more so the vulnerable during the COVID-19 pandemic.
Although a necessary expenditure, the cost of having an estate plan prepared has been an impediment to some. In most cases, the advice and counsel of estate-planning attorneys and financial planners should be sought. But in this emergency, a simple online estate plan is better than no plan at all. Dying intestate can be catastrophic to your estate and final wishes. After you have your emergency online estate plan, resolve to keep it updated with the help of qualified professionals as the seasons in your life change.
I am calling for free or heavily discounted simple estate plans from the top 8 best online will makers in 2020 during the pandemic. The estate plan would include a Last Will & Testament, Power of Attorney, and Living Wills. If Americans would create and update their estate plans, it will prevent an overwhelming surge of pandemic death cases to probate court dockets.
Having an estate plan is a necessity for everyone. Shielding your loved ones and property from courts, taxes, wounding quarrels, etc. is your plan’s goal. Make one today. Don’t worry about it being perfect. It can be changed later. Regardless of age, create or update your estate plan now.
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