COVID and the Importance of Having An Estate Plan

Covid and the Importance of Planning Your Estate

Photo by Kelly Sikkema on Unsplash

The COVID-19 pandemic has made the last year more difficult and stressful than most could have imagined. Many felt that stress, even more, when illness and death fell upon their immediate family. Having an inadequate estate plan or not having a plan at all, is the last thing you need during a pandemic that could last years.

If you haven’t gone through an estate plan review or you haven’t considered creating an estate plan before now, keep reading for 4 reasons why you should evaluate your estate and create a plan that protects you, your assets, and your family.

Reasons Why You Need An Estate Plan During This Pandemic

1. Circumstances May Have Changed

Throughout 2020, many have lost jobs, changed jobs, or accepted a lower salary to remain employed. That change is a good reason to reevaluate your current estate plan. 

It’s possible that you or a family member mentioned in your estate plan have gotten sick in the past year. If that sickness has caused one or both of you to rethink how you live your life, that might also affect their role in your estate plan. 

2. Plan for the Unexpected

With everything, COVID-19 has brought with it, the sudden passing of a previously healthy-looking loved one is the worst. While it may be hard to think about, you don’t want to put your family in the situation of grieving and stressing over money.

The added stress of where the money is coming or going is avoidable when an estate plan is in place. Planning your estate will give you peace of mind that your family will be taken care of.

3. Protecting Your Business Is Important

Planning your estate isn’t just for personal assets. It can protect your business, too. You might not be worried about it now, but knowing how your business will run without you will ease you into letting go when the time comes.

Your business is an asset that allows your family to live the life they live. When you can no longer run the business the way you have been for years, planning your estate can make sure they are taken care of and your business ends up in the hands of someone you trust.

4. Create A Plan In Case of Incapacity

When you are currently physically and mentally capable, it can be hard to see a time when you may not be so capable to manage your own life. But for some, that time comes. When it does, you want to be prepared for your estate to be taken care of by someone you love and trust.

If you are ever in a situation where you or a loved one feel you can no longer be in control of your own personal or financial life, having an estate plan in place will be your last piece of autonomy.

If you’re ready to start planning your estate,  please contact JMG Law Firm today.