Are You Prepared for A Family Member Contracting COVID-19?
In these uncertain and stressful times, it is important to have a contingency plan in place should you or a loved one become ill. We suggest thinking about the following items:
- A review of your estate planning documents, as some documents may require modification. For example, you probably donâ€™t want your living will to prohibit intubation, a common treatment for the virus. Likewise, some Power of Attorneys contain “springing powers,” which are contingent on the principal being certified as disabled by a doctor. Such a certification may not be practical at the moment as doctors continue to focus on treating virus patients.
- Make sure other family members, includingÂ parents and even young adult children, have their estate planning documents in order. The virus does not discriminate.
- Review all beneficiary designations in bank, brokerage, title, insurance, pension and estate planning documents to ensure they are current, and that you have retained copies in the event of any questions.Â
- Make an â€œEmergency Envelopeâ€ that contains your medical documents, contact info for your doctors, medications, any preexisting condition information, etc. Store the envelope in an easily accessible location where family members know where it is in the case of an emergency.Â Â
- If you are a small business owner, make sure you have a Power of Attorney for Property in place so in the event of your incapacitation, someone is able to access and control the companyâ€™s finances to pay bills and make payroll.
Please contact us if you have any questions or would like for us to review or prepare any estate planning documents. Such documents can be safely executed and notarized remotely or via “drive-by signings.”
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