As you already know, the COVID-19 pandemic means nothing is BUSINESS as usual. Many states, including OHIO, have implemented a “SHELTER-IN-PLACE” order to LIMIT the SPREAD of the DISEASE. If you have attended to your (and your parents’) immediate needs, it will be time to consider more long term precautions.
In this time of stress and chaos, your parents may be resistant to talking about estate planning. It may feel too pessimistic to plan for the worst in the midst of a scary situation. However, that’s exactly why it’s the most important time to do so. Plus, since hopefully you are staying inside, you may actually have the time to dedicate to getting these tasks taken care of.
Here are ACTIONS you CAN, and SHOULD, take to ensure YOU and your FAMILY are PROTECTED both LEGALLY and FINANCIALLY.
Update Your Health Care Documents
Above all, you first need to ensure that both you and your parents have advance care directives. This will be an invaluable reference point for those who are assisting you, whether they be friends, family, or medical professionals. This directive should include instructions on your preferred methods of care and the contact information for each of your doctors.
You must also clearly state who will be in charge of handling your affairs in the event of your death or incapacity. Even if you have done this already, I urge you to take out any existing documents now and review them. Have your circumstances changed? Do you have additions to make? Encourage your parents to do the same thing, and to communicate with you about what their directives say.
If you are unsure whether your Health Care Directive is in ship-shape, call us at 513-916-1600, to take an expert look at them.
Create a “Personal Resource Map”—an Inventory of Everything That Matters
You might think that only the very rich need to worry about making specific plans for their assets. But not so fast. Do you have investments or a retirement account? Physical things like jewelry, musical instruments, or furniture? What about crypto? Or even social media accounts? In the event of your incapacity or death, your family members won’t know where to look for what you have, or how to access it, unless you’ve planned for that ahead of time.
Somewhere between 49 and 80 billion dollars are currently unclaimed, or unable to be claimed, by family members of people who have passed away. This is money that individuals may have forgotten they had, or that they made no provisions to pass on to their family after they died. That’s why it’s extra important that you create a “personal resource map” to tell your loved ones where everything is and how they should move forward according to your wishes.
To help you make your own personal resource map, and to help your parents make theirs, you can schedule a (virtual) meeting through our website at www.KruglerLaw.com .
Remember that it’s never an inappropriate time to plan for the future. It’s also always a good time to ask for legal and financial help. #WereAllInThisTogether and we’re here to support you, virtually now, as well. We can take care of you, and your family, fully online.
This article is a service of Krugler Law, LLC, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session,™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.