Estate Planning in the Time of COVID-19
Particularly for younger people, it is easy to feel invincible. Health problems may seem far away, a distant inconvenience to address in future years.
During the pandemic, however, many people are feeling the urge to complete end-of-life-related paperwork, just in case. The prospect of falling ill without having legitimate paperwork in place is a troubling one.
The president and chief executive of New York City’s Francis Financial, Stacy Francis, spoke with Kiplinger in a recent article. As a certified financial planner, Francis worked with a client whose husband had recently died due to COVID complications, alone in a hospital.
“She came to us with screenshots of his last texts to her that were frantically sent and trying to outline their investment accounts, where their money was and what she needed to do,” said Francis.
As COVID-19 can progress quickly, and intensive care for the virus requires hospitalization and sequestering away from family and loved ones, collaboration is difficult. Working out Last Will and Testament documents in a hospital room is an awful reality for some people this year.
Fear of falling ill without having family members taken care of can create a crippling anxiety.
The good news is, it does not take much time or money to create these documents. Health care directives, medical power of attorney, financial power of attorney, trust documents, and Last Will and Testament paperwork are usually fairly straightforward. The language is not difficult to customize, and the provisions are often similar from family to family.
Start today on preparing these essential documents, and rest easier knowing that your intentions are preserved in legally-binding directives.