The COVID-19 pandemic has brought unprecedented challenges to individuals and communities around the world. The effects of the pandemic have been felt in almost every aspect of life, including health, finances, and planning for the future. As we navigate these difficult times, it’s more important than ever to prioritise our future well-being and that of our loved ones. This article aims to provide reassurance and guidance on how to plan for the future amidst this crisis, specifically in regards to estate planning.
Estate planning is one of the most crucial aspects of preparing for the future. The saying “failing to plan is planning to fail” has never been more relevant than it is now. It’s essential to remain calm, concise, and have a plan in place, whether you’re communicating with your ex, the police, or anyone else with whom you may have a disagreement. In this section, we’ll discuss the various components of estate planning and how they can help you prepare for the future.
Last Will and Testament: Control of Assets
A Last Will and Testament is a legal document that specifies how your assets will be distributed after your death. It’s important to note that a Last Will controls assets that are in a person’s name alone. Property that is jointly owned with another person or which has a named beneficiary such as a life insurance policy or retirement account are usually paid directly to the surviving named beneficiary, even without a Will. Thus, many assets may pass directly to a person’s beneficiaries without the need to gain formal approval of the deceased’s Will (probate).
In the event there is no Will, intestacy laws provide that a person’s estate passes to his closest living next of kin such as a spouse, children, parents, or siblings. While it is best to have a Will that clearly sets forth the full plan, intestate distribution may suffice, but laws of intestacy may not cover every asset, and in some cases, it may not be as straightforward for your loved ones as having a Will.
Advance Health Directives: Healthcare and End-of-Life Decisions
An advanced directive is a legal document that specifies your healthcare wishes in the event you are unable to do so. The document allows you to make decisions about medical treatment and end-of-life care. It’s essential to have an advance directive in place, especially during the COVID-19 pandemic. It can provide comfort and assurance to you and your loved ones that your wishes will be followed in case of an emergency. It’s also important to discuss your wishes with your family members and healthcare providers.
Power of Attorney: Financial and Healthcare Decisions
A Power of Attorney is a legal document that designates a person to make financial and healthcare decisions on your behalf if you become incapacitated. Without a Power of Attorney, a conflict may arise over who should make decisions, and the Victorian Civil and Administrative Tribunal may be asked to appoint an administrator or guardian to help you. It’s essential to have a Power of Attorney in place, especially during the COVID-19 pandemic, where unexpected medical emergencies can occur.
In Conclusion
Estate planning is crucial during the COVID-19 pandemic. It’s essential to prioritise our future well-being and that of our loved ones by preparing for the unexpected. It’s important to remain calm, concise, and have a plan in place. If you don’t have an estate plan, now is the time to calmly think about it. Your estate plan should, at a minimum, include an advanced directive to your healthcare providers about any medication or life-support you do or do not require in your final moments, a document for the disposal of all your assets upon death, and instructions about important decisions for your healthcare and financial management if you lose the capacity to give instructions suddenly.
At Shane McClure, we understand the complexities of estate planning, and we’re here to help you navigate these difficult times. Our team of experts can guide you through the process of creating an estate plan that meets your unique needs and circumstances. We can help you create a Last Will and Testament, advance health directives, and a Power of Attorney that will give you peace of mind.
It’s important to note that estate planning is not a one-time event but an ongoing process. Your circumstances, family situation, and assets may change over time, and your estate plan needs to reflect those changes. It’s important to review and update your estate plan regularly to ensure it reflects your current wishes and circumstances.
We encourage readers to share this valuable content on social media and other platforms to increase its visibility. Estate planning is an essential part of preparing for the future, especially during these challenging times. It can provide comfort and assurance to you and your loved ones that your wishes will be followed in case of an emergency. Proper estate planning is the key to protecting yourself and your loved ones, so don’t hesitate to contact Shane McClure for expert advice and guidance on estate planning, wills, and powers of attorney.
The COVID-19 pandemic has affected people’s health and finances worldwide. As we navigate these difficult times, it’s crucial to prioritise our future well-being and that of our loved ones. Estate planning is an essential part of preparing for the future, and it’s essential to remain calm, concise, and have a plan in place. At Shane McClure, we understand the complexities of estate planning, and we’re here to help you navigate these difficult times. Our team of experts can guide you through the process of creating an estate plan that meets your unique needs and circumstances. Remember, proper estate planning is the key to protecting yourself and your loved ones.