×

Why is it Important to Have an Estate Plan Prepared for Uncertain Times?

Why is it Important to Have an Estate Plan Prepared for Uncertain Times?

Due to the fact that no one is able to predict the future, it is important to have a plan in place for any potential outcomes. This can be seen in recent times as a result of the Coronavirus outbreak, as people’s everyday lives are being impacted in unimaginable ways. While no one likes to think about it, it is these situations that call for a plan for incapacitation or death. This can be done with the creation of an estate plan in which an experienced estate planning attorney can help to ensure you are making a plan that suits your needs. 

Why Should I Have a Will?

 Throughout a lifetime, people usually gather many cherished belongings. These are things that should be taken care of after the owner is no longer around to do so themselves. It is because of this that assets and belongings can be passed down through generations with a will. A will is a document that outlines what people want to happen to their assets in the event of their death. If a person dies without a will, it is known as dying “intestate.” When this happens, the deceased’s assets are distributed based on a succession schedule depending on their surviving family members. This can include children, parents, siblings, and grandparents. With a will, you can ensure your assets do not fall into the wrong hands. You also do not need to worry about where they would go if there was no plan in place. 

What is a Power of Attorney?

A power of attorney is an individual that can be appointed to make life decisions on your behalf. This may be needed if you are ever physically or mentally unable to do so yourself. For example, due to the Coronavirus, many people find themselves quarantined at home or in the hospital. In these situations, it may be necessary to have another person handle certain matters on your behalf. This can include paying bills, making bank deposits and withdrawals, obtaining medical records, filing tax returns, buying and selling property, hiring caretakers, transferring assets, and more. 

What is an Advanced Health Care Directive?

An advanced healthcare directive allows you to establish the medical care you wish to receive in the event that you physically or mentally cannot communicate your desires. This is also known as as a living will, health care proxy, or power of attorney for healthcare. Once this person is appointed, they can handle any of the following tasks:

  • Authorize loved ones to obtain medical records in emergency situations
  • Indicate whether the document is effective immediately or upon a finding of incapacity
  • Set the standard for determining your incapacity
  • Communicate your wishes to receive or not receive life-saving care
  • Ensure decisions are made in accordance with your beliefs, principles or religious practices
  • Any additional health care wishes or concerns

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

Read Our Latest Blogs

  • MORTGAGE PAYMENT WAIVERS DUE TO CORONAVIRUS
  • What Should be in my Digital Estate Plan?
  • Why is it Important to Have an Estate Plan Prepared for Uncertain Times?