If the COVID-19 crisis has you worried about your lack of estate planning, you are not alone. A survey by AARP found that 60% of people do not have a will or estate plan. Shortly after the pandemic began to take hold, one of the most popular search engine searches was for “elder lawyer near me.” The recent COVID-19 crisis has highlighted the need for an estate plan, just in case. Here is what an estate plan can do for you :
Determine Who Will Inherit from You
With the death toll mounting, it is hard not to get scared of becoming part of this staggering statistic. An elder law attorney in Vandergrift can help you determine how you want your property distributed whenever you pass – however long in the future that may be. Creating a will can help you avoid state default rules that may not represent your preferences and also provide security for your family.
Nominate a Guardian for Your Minor Children
You can also nominate a guardian who you would want to care for your children if you and the other parent pass away while they are minors. This way, you will know that your children will be cared for whatever may happen.
State Your Medical Wishes
A well-crafted estate plan can also address medical concerns. You can create a living will that clearly states what type of medical treatment you would want to receive under dire situations. This can help you save your family from confusion about your wishes during a challenging time. You can provide clarity during a confusing time.
Designate a Trusted Person to Make Medical Decisions for You
An elder law attorney can also prepare a document for you that gives someone you trust the right to make medical decisions on your behalf. This way, if you do get COVID-19 or another medical condition and cannot make decisions for yourself, you have the peace of mind of knowing that a person you trust will be able to make important decisions regarding your health care.
Provide Continuity for Your Finances
If the COVID-19 crisis impacts you, it will be helpful if you have plans in place regarding your finances. Through a trust or power of attorney, you can provide detailed instructions on how your financial affairs should be handled in your absence or if you become incapacitated.
Establish an Elder Law Plan
Part of the larger objective of an estate plan is to prepare for the need for eldercare. A knowledgeable elder law attorney can work closely with you to set up a plan designed to help you qualify for Medicaid or otherwise position yourself to pay for long-term care expenses.
The Law Office of Charles Fox is an elder law practice located in Vandergrift, Pennsylvania. We will draft a plan that is designed to meet your objectives. Contact us today at (724) 567-6728 to learn more.