In Light of Global Pandemic, It is Imperative to Have a Will
Life can be unpredictable.
Under the most stable circumstances, it is wise to have an attorney draft an estate plan on your behalf.
But now that we are living through a global pandemic, estate planning is imperative.
Below are a number of frequently asked questions about wills. For more information or to discuss your specific needs, please schedule an appointment with us today.
Plan now.
Having an estate plan is your most loving last act.
What is a will?
A will is a legal document that sets forth instructions for the distribution of one’s property upon one’s death. A will may be as simple or as complex as the subject of the will, or testator, decides it should be but must contain clear, concise directives and identify heirs with specificity.
What is a living will?
A living will, or advance directive, contains explicit instructions for one’s health care in the event that a person is unable to speak for oneself or make sound decisions on one’s behalf. To ensure adherence to one’s wishes with respect to their medical care, one must elect as their health care agent a person who they trust to execute their advance directive.
Who should have a will?
Anyone aged 18 years or older should have, at minimum, a living will or advance directive.
Those who own businesses or who have dependents and families, considerable assets, or any real or personal property that they deem valuable should execute a will.
Who can inherit property from my will?
Any person or entity, including any organization, charity or educational institution, may inherit property distributed through a will.
It is entirely the testator’s prerogative who is identified as an heir and what property each heir will inherit.
What happens to someone’s property if they pass away without having executed a will?
Property that is not distributed through a will becomes property of the state where the decedent lived and is subject to default laws of that state.
The matter of distribution of property is assigned to a probate court and resolved according to statute.
The resolution determined by the court is often dissimilar to what the decedent would have wanted.
Think of your estate plan, not as a guideline for the end of your life, but as a blueprint for the remainder of your loved ones’ lives.
What will happen to me if I don’t have an advance directive, and I experience a medical emergency but cannot convey my health care preferences?
If you have a primary care physician or long-term health care provider, that medical professional may be able to assume what care you would want. This presumes that you have a close relationship with your health care provider and that your health care provider is sensitive to your unique desires.
However, there are a number of factors that we cannot predict which will likely affect the care you receive. In that case, it is difficult to estimate what could happen to you if you experience a medical emergency that renders you unable to speak for yourself or make decisions on your behalf.
To ensure that you receive the medical care you desire, please consult an attorney to draft a living will.
DO’S AND DON’TS OF ESTATE PLANNING
DON’T hesitate to speak with an attorney to discuss your estate planning needs! We cannot predict what our futures hold, but we can be proactive and plan ahead for our loved ones in the event of our demise.
DON’T rely on templates to meet your estate planning and will drafting needs. While these tools are often better than neglecting to plan at all, an estate plan drafted by an attorney will be more comprehensive and customized to your specific needs. Failing to consult an attorney could result in your estate becoming subject to litigation in a probate court and cost your grieving loved ones inordinate amounts of time and money.
DON’T allow your fears about death to prevent you from making sound decisions about your estate. We often take our health and faculties for granted, and we believe that decisions about our health and property can wait. It can feel macabre to think about death when we’re young, healthy and enjoying life. But please know that planning ahead neither hastens nor predicts your transition from this life. Think of your estate plan, not as a guideline for the end of your life, but as a blueprint for the remainder of your loved ones’ lives.
DO hire an attorney whose character and judgment you trust. Your estate plan is a serious matter and should be drafted by a competent, compassionate legal professional.
DO ask questions! Your attorney is a rich resource of knowledge. Rely on him or her to guide you through your plan with professionalism, confidence and diligence.
DO periodically review and revise your estate plan, including your last will and testament and advance directive. Major life events can alter your decisions. Ensure that your estate plan is up-to-date and includes everyone who you want to inherit your property upon your passing.
Watch Mackenzie Evans, Esq.’s interview with reporter Megan Rivers on WUSA9.