It's Never Been More Important or Easier to Create or Update Your Estate PlanDec 31, 2020 01:31PM ● By Chuck Tashjian
Estate Planning is more important now than ever before, and luckily it's never been easier to implement an estate plan.
Do you know who would make healthcare or financial decisions for you if you lost capacity? Who would care for your children? These are some of the important decisions an estate planning attorney can help you navigate. And for the first time in Massachusetts, you can complete your estate plan with an attorney virtually, from home.
Under emergency orders issued this spring, law firms in Massachusetts have the ability to witness and notarize estate planning documents virtually, so you can stay warm, safe and healthy and gain the peace of mind that comes with providing guidance, direction and securing your legacy for your family.
After you’ve reached the age of 18, no one automatically has the authority to make health or financial decisions for you, not even a spouse. It is essential that you have the legal documents in place naming a person or people who can make decisions on your behalf. These disability planning documents, the Durable Power of Attorney, the Health Care Proxy/Living Will, the HIPAA Authorization form an essential part of your estate plan.
Almost half of Americans 55+ don’t have a will, and data shows that these Americans are at the greatest risk for serious complications and death from COVID-19. Younger Americans are less likely to have a will, but because the pandemic has impacted people of all ages, it's essentials for everyone to create or update their estate plan, no matter your age. Estate planning is essential whether or not there is a pandemic, but they are critical to have now.
Having a will and or trust in place allows you to control who manages your assets and cares for your loved ones if you lose capacity or pass away. You’re able to designate guardianship for minor children and provide guidance for their care.
If you have an estate plan in place, it's essential that you review it and update it to reflect your current wishes and the current law. 86% of estate plans don’t work when you need them to. Common reasons are that the plans are outdated, failing to keep up with the law, or failing to have the right people in positions of authority. If your will or trust is 15 years old, just think about all the things that have changed in your life in the last 15 years! Add to that changes in the law and you’re in need of an update for sure.
Our office is offering virtual webinars to learn more about estate planning and how it can help you meet your goals and objectives, protect your legacy and help your family. We also offer virtual (and limited in-person) consultations to understand more about your goals and objectives and implement or update your estate plan.
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