COVID-19 has changed the world, and some Minnesota residents may be concerned about how this pandemic could affect their current estate planning status. Financial professionals recommend a careful review of these plans every few years; however, COVID-19 may push those with pre-existing conditions to take a closer look at their existing plans as well as encourage others to initiate the planning process.
The process of estate planning is unique to each person and may change according to circumstances. Those with neurological conditions such as Alzheimer’s, Parkinson’s and multiple sclerosis may want to review their plans, especially since their conditions can shift.
Practical planning is a must, particularly as far as accurate record-keeping is concerned. Individuals should be sure to keep a list of all accounts and information pertaining to them, including contact information. If possible, they can schedule automatic payments of accounts. It’s vital to budget accordingly based on current income as well as projected income based on an unanticipated job loss or health crisis.
Estate planning and probate professionals may recommend some or all of the following documents based on individual circumstances: wills, health care proxies and trusts. Some attorneys and financial advisers may also suggest appointing a power of attorney to ensure that affairs are taken care of if one should become incapacitated. It is crucial to plan every detail to follow one’s wishes as carefully as possible.
Those who have not yet begun the estate planning process or who wish to review their current plans may benefit from asking an attorney to guide them and make suggestions on how to set up their arrangements. An estate planning and probate attorney may be able to explain the law as it pertains to their wishes and make valuable suggestions as to the best possible course of action.