Planning during a Pandemic: Estate Planning with Peace of Mind

The COVID-19 pandemic has forced many people to think about the possibility that they, or a loved one might get sick. Having an estate plan in place can ensure that your wishes are heard, kept, and your family or loved ones are taken care of in the event of your incapacity or death.

Essential Planning for Potential Incapacity

Proactive Planning

An estate plan provides assurance that your wishes will be followed at your death and that your loved ones will be taken care of in the manner you desire. Every family is different, but every family will benefit when an estate plan is in place.



Some families require more attention to an estate plan than others, depending on the circumstances. There may be concerns about a potential conflict between your spouse and children from a prior marriage; you may have a loved one who cannot manage his or her affairs or is suffering from an addiction; you may also wish to leave assets to a charity. With thoughtful, accurate planning, you can direct who will benefit, and under what terms, from the assets you have accumulated over your lifetime. It also names the individuals who will be in charge of your affairs. Lastly, depending on the value of your estate, you may need to engage in tax planning to avoid unnecessary taxes.



Having an estate plan in place can prevent your affairs from becoming public at your death. If you own assets in your individual name without proper beneficiary designations in place, then, at your death, those assets will need to go through probate. Without proper documents in place, state law will dictate who will benefit from your estate. If minors or disabled loved ones inherit your assets without a will in place, there will be more court involvement required to obtain the assets that would have been otherwise in the will. Similarly, a probate can complicate the ability to sell hard-to-value assets, such as real estate and closely held businesses. If your assets have been transferred into a revocable trust and you have the proper beneficiary designations in place, a probate will be avoided, and your affairs kept private. A revocable trust can avoid the delay and hardship of a probate.



The COVID-19 pandemic has led to large amounts of worry and stress, understandably. Life is far from normal, leaving us all with unsettled questions, and without certainty as to what the future holds. When planning for possible incapacity or death, it is a considerate thing to do for your family or loved one. By having estate planning documents in place, you have simplified a potentially complicated process. Because of this, you reduce the time needed to finalize your estate and ease the stress on those left behind.

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