Why You Need To Reevaluate Your Estate Plan

The coronavirus pandemic has us all on edge. What seemed like a distant and faraway virus has now become one of 2020’s most gruesome realities. It has forced us to confront our worst fears like unemployment, health deterioration, loneliness, and even death.

If 2020 has taught us anything, it’s that the unpredictable is never truly unpredictable—case in point: the pandemic.

As such, most of us are feeling pressed to get our affairs in order in case we fall sick. While it’s true that some people only experience mild symptoms after contracting the virus, one should always be prepared for the worst.

With the looming threat of death, we must ensure that we don’t leave the burden of making financial and health decisions on our unprepared loved ones.

This is why you need to reevaluate your estate plan so you’re prepared if things go sideways. Here’s how you can do that with the help of a will and trust attorney.

Living Will

A living will gives instructions regarding what treatment you should receive if you’re unable to communicate your wishes, in a vegetative state, or terminally ill. It states what life-sustaining treatments should or shouldn’t be used if you’re unable to make decisions about your health.

The coronavirus has a variety of life-threatening symptoms. Suppose you had previously prohibited intubation to prolong life. In that case, you could choose to reverse it in the light of the current circumstances, as intubation or being placed on a ventilator can save your life if you get the coronavirus.

Durable Power Of Attorney

A power of attorney enables you to appoint an agent to make financial decisions on your behalf. There are two types of power of attorney—current and springing.

The current power of attorney takes effect immediately once you’re incapacitated. The underlying assumption is that the POA won’t be used in any other circumstances other than specified ones. On the other hand, a springing power of attorney only comes into effect once proof of incapacity has been submitted.

Amid the current healthcare crisis, you may want to revisit this bit in your estate plan because getting a healthcare professional to quickly sign off on any document that renders you incapacitated can be hard.

Healthcare Proxy

This legal document allows you to appoint someone else in charge of your medical decisions. It’s done to ensure that your treatment instructions are carried when you’re unable to take care of them yourself. In the absence of a healthcare proxy, a doctor may give you a treatment that you would’ve refused had you been in a state to do so.

In the light of the current circumstances, loved ones of a coronavirus patient aren’t allowed to visit the patient. As such, it can be difficult for your healthcare proxy to confer with the doctor in person. You may need to revisit this part of your estate plan to specifically mention establishing communication with your healthcare proxy through means, like a phone call or email.

Why Do You Need A Will And Trust Lawyer?

From sorting out complex family and financial issues to giving healthcare directives in your absence, a will and trust lawyer looks after your life and assets. They devise a comprehensive plan in case of unfortunate circumstances, so you don’t have to worry about what will happen to your assets and loved ones in your absence.

If you’re looking for a will and trust attorney in Chico, CA, get in touch with Marquez Law Offices.

We have a team of expert estate planning lawyers that guard your interests and ensure the protection of your assets. Find out more about our services here.

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