Though it is hard not to panic when our grocery store shelves are empty, the number of confirmed cases of COVID-19 keeps rising — a friend of mine just posted his positive diagnosis yesterday — and we see sobering statistics here and across the globe It is clear we will not overcome this challenge with a panicked response. Or by failing to act.
Clearly, there are things we all need to be doing right now – and Virginia public health officials are the best resource on how to stay personally safe and help prevent the virus from spreading.
When it comes to the seriousness of this outbreak, however, there also are some critical estate planning decisions you should make – or review – right now. You nay be sitting at home mire this week. It is a good time to ask yourself these questions:
- Who will make medical decisions for me should I become severely ill and unable to make these decisions myself?
- Who will make my financial decisions in that same situation — for example, who will be authorized to sign my income tax return, write checks or pay my bills online?
- Who is authorized to take care of my minor children in the event of my severe illness? What decisions are they authorized to make? How will they absorb the financial burden?
- If the unthinkable happens – what arrangements have I made for the care of my minor children, any family members with special needs, my pets or other vulnerable loved ones?
- How will my business continue if I were to become seriously ill and unable to work, even remotely … or in the event of my death?
These are the most personal decisions to make right now to protect yourself and your loved ones during this emergency. Now is also a good time to ask yourself if you have plans in place for the smooth transfer of your assets and preservation of your legacy.
We are ready to help walk you through these decisions, understand the ramifications of your choices, and memorialize your plans in binding legal documents. The Nance Law Firm is currently offering no-contact initial conferences remotely, including consultations via Zoom Meetings. In other words, you may be able to use some of your down time to take care of decisions you may have put off. Book a call now and let us help you make the right choices for yourself and your loved ones.