How do you protect your family from Coronavirus – from a legal perspective?

On March 11,2020, the World Health Organization declares Coronavirus a ‘pandemic’. (For a summary of the latest numbers on Coronavirus, click here)

While the authorities remain uncertain about how devastating this outbreak could be, we do know that coronavirus is poised to rattle the global economy and infect millions, especially in the US.

Most people are already stocking up on necessities like food and medicines. But have you figured out how to handle the consequences from a legal perspective?

Time is of utmost importance – You need to prepare yourself ASAP in case you get sick. If you require legal help with your estate planning after you’re already sick, you may be out of luck for no attorney is going to put him/herself, or their staff, in harm’s way by intentionally exposing themselves to someone down with coronavirus.

Those of you who are yet to come up with a concrete plan need to get started on their estate planning immediately. Don’t try to do it yourself because you may wind up making mistakes that jeopardize its execution in the future. You won’t be able to fix such errors when you’re sick or in case you pass away, which makes it all the more important to consult an experienced lawyer ahead of time. The following aspects are what you need to account for:

• Who will be responsible for handling your finances if you become sick (pay bills, talk to your bank, sign documents, make legal decisions…)?
• Who will be responsible for making medical decisions on your behalf in case you become incapacitated? (make your wishes known)
• Who can have access to your medical records (hospitals may need to see your existing health conditions before treating you)
• Who should contact insurance companies on your behalf?
• Who will manage your estate, should you pass away?
• Who will inherit your estate? And when?
• Who will be guardians to your children?
• Beneficiary designations: Now would be an excellent time to ensure that the beneficiary designations of your IRA/401k/annuities and life insurance are in order. Make sure you have the correct beneficiaries named in your estate plan, which is to be executed upon your death.

If you already set up a Will or Trust, you need to review them to see if they are still in line with your goals?

• Is the named executor or successor trustee still the best person to help?
• Are the beneficiaries named accurately in your accounts? Are they still alive?
• Is the beneficiary capable of handling such responsibilities? Should they receive their bequest outright or should the assets be kept in trust until they reach a certain age?
• Have your assets been transferred to your trust yet?
• Do you have a durable power of attorney agreement in place? Have you established your advance directives?

Only time will tell how bad this pandemic can get. But one thing is for certain – NOW is the time to ensure your estate plan is in order. If you get sick, you won’t be in a position to receive the legal advice that you require due to quarantine restrictions. We recommend that you complete these formalities at the earliest to safeguard your loved ones and dependents from financial worry in case you get affected by the outbreak.