Why Estate Planning matters during the Coronavirus (COVID-19) and what you can do to prepare.
On March 17th, the outbreak of Coronavirus has grown to at least 4,226 cases, and numbers are still growing. According to the CDC, Florida alone is ranging from 101-200 reported cases, and the elderly is a suspectable target. The elderly and those with any underlying medical problems such as high blood pressure, heart problem, and diabetes are more like to see an increase in this serious illness. As Coronavirus continues to sweep through the nation, this leaves many individuals with the feeling of uncertainty. Many advisors are continuing to tell individuals to “stay the course” and ride this rollercoaster out. This advice leaves people uneasy when looking back from the lessons that were learned in 2008. Time is valuable right now to take action for this pandemic. We have an obligation to prepare and protect our loved ones in this infectious crisis. While this topic is always a hard conversation to have, estate planning is now more than ever a critical tool that can be used to assure that your wishes are carried out in the event of death or incapacity. There are four essential estate planning documents that can help ease the uncertainty of this pandemic and provide a plan for the Coronavirus.
A Healthcare Durable Power of Attorney: A Power of Attorney is a legal document that gives someone you choose the ability to have the power to act on your behalf and make decisions. This can be done through a Healthcare Durable Power of Attorney, which is essential during an outbreak like Coronavirus. This will ensure that you receive the healthcare needed if you become ill. Until May 1, we are offering a free Healthcare power of attorney with COVID-19 specific provisions. See this article.