Blog Post

The global COVID-19 outbreak has everyone thinking about what could happen if the disease spreads more fully across the general population. Despite best efforts to contain the outbreak, people in dozens of countries around the world have contracted the virus. That points to the need for people to plan for whatever could possibly happen, whether that be to update their will, trust, beneficiaries, or more. Either way, Fraxedas Law is here to help, and we are able to do so via video chat and our remote services. Connect with us to learn more. We are here for you and your family.

A will or revocable trust

Making sure that your assets will pass to the loved ones you want to receive them after your death is critical during crisis times. You don’t want to make things any more difficult than they need to be, and avoiding costly and time-consuming processes like probate takes on heightened importance when your family might end up confined to their homes in a quarantine situation.

Many people have wills to cover what happens to their assets at death, and that typically works well, especially for modest estates. State laws differ with regard to how complicated it is to go through a probate administration process with a basic will, though, so some people prefer to use a revocable trust that doesn’t require probate. Whichever vehicle you choose, make sure that its provisions are up to date and reflect your current preferences and family situation.

Beneficiary designations on financial accounts

What many people don’t realize is that their will or revocable trust might not cover all of their assets. In particular, if you have an IRA, 401(k) account, or life insurance policy, the person you name as beneficiary of that account is who will receive the proceeds — even if it’s completely different from what your will or trust specifies. Moreover, many people fail to name any beneficiary for these accounts, creating additional complications in the event of their death.

Your financial provider will have the forms necessary to name a beneficiary for your accounts. Make sure to review those designation forms regularly, especially if a change in family situation makes updating them worthwhile. That way, you won’t face a situation in which someone you no longer want to receive your money ends up with it.

Healthcare durable power of attorney

Much more pressing during an outbreak is ensuring that you’ll be able to get the healthcare you need if you’re stricken with an illness. A durable power of attorney for healthcare will give the person you choose the ability to make whatever medical decisions you specify on your behalf.

If you’re already receiving care, then check with your healthcare provider to see what they prefer to see in a healthcare power of attorney to ensure a smooth transition if you’re no longer able to make your own healthcare decisions. Otherwise, an attorney can help you draft documents that will match up with your particular wishes.

Financial durable power of attorney

You can also name a person to help you take care of your finances if something leaves you incapacitated or otherwise unable to handle your financial affairs. A durable power of attorney for financial matters is a separate document from the healthcare power of attorney, but it similarly allows you to delegate responsibility and authority to make financial transactions to the person you choose.

You can tailor your financial power of attorney as narrowly or broadly as you want, ranging from just being able to pay bills on your behalf to making major changes to your investment strategy. The position requires great trust, but having someone who can step in on your behalf can be invaluable in times of volatile markets.

Be ready for anything

Doing estate planning is never fun, but the coronavirus outbreak has many people thinking about what they need to do. By making estate planning part of your broader retirement planning, you’ll be able to ensure that your loved ones will have what they need even if something happens to you.

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Contact us today for a free consultation. 561.288.9788

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Robert Fraxedas

Robert Fraxedas is an accomplished attorney with 15 years of legal experience, focusing on estate planning, probate, elder law, and business planning. In 2002, Mr. Fraxedas graduated cum laude from the University of Florida with a bachelor’s degree in philosophy. There he was a National Merit Scholar and a member of the esteemed Phi Beta Kappa Honor Society. In 2005, Mr. Fraxedas graduated from the University of Florida’s Levin College of Law. After practicing for 10 years, Mr. Fraxedas obtained his LL.M. Degree in Estate Planning from the University of Miami School of Law, graduating cum laude.

Mr. Fraxedas is an experienced, knowledgeable and hardworking attorney who cares deeply about his clients. He will get to know you, your family, and your goals and develop a personalized plan that is tailored to meet your needs. Whether it’s a simple will, a complicated probate, crafting a trust for your children, or obtaining Medicaid or other government benefits, Mr. Fraxedas is committed to taking care of you and your family as if it were his own.

Reference: { https://www.fool.com/retirement/2020/03/08/the-coronavirus-should-have-you-thinking-about-the.aspx }