Covid-19 and Estate Planning Issues
We’ve heard stories all over the place of folks becoming deathly ill within days because of the Coronavirus. These stories bring up a couple of issues. First, life is precious and fragile and can change on the dime. Second, many folks have had to go into intensive care on ventilators and it brings up the issue, if this would happen to you, do you have the appropriate documents in place so a trusted adviser can help make healthcare and business decisions for you.
If you are married and you don’t have a power of attorney or health care representative, no worries, because your spouse will be able to assist the healthcare providers with important decisions and your spouse should be able to handle your business affairs. On the other hand, if you are a single or divorced adult, you will be SOL without a designated power of attorney or healthcare representative.
These documents are simple to get prepared and are not expensive. They just take some time and thought. what you don’t want to happen is your family having to petition to a court for guardianship over you to make these important decisions.