Estate Planning Process During the Coronavirus Pandemic – What is the First Step?

Estate planning process during the coronavirus pandemic does not have to be scary or complicated. In this article, we will address some basic questions many people have about the process and how an experienced attorney can help.

Most people put off creating an estate plan because it is too uncomfortable to think about death or because they think the process will be expensive and arduous. However, due to the coronavirus pandemic, creating an estate plan has become indescribably vital.

Do I Need to Hire a Lawyer?

No, but yes.

Beginning the process during the coronavirus pandemic can be challenging. It is highly recommended you hire an attorney to draft up all necessary documents in compliance with all applicable laws and regulations and be involved in the administration of your estate to help your loved ones navigate complicated situations.

Unfortunately, people often avoid hiring lawyers because they think they are too expensive. However, making mistakes when creating your estate plan can end up costing you significantly more than a lawyer. In fact, not hiring a lawyer is the most common mistake people make. The help of an experienced attorney is simply priceless.

What Assets Should My Estate Plan Include?

Some people may assume that they do not need an estate plan because they do not have substantial assets. In other words, they think estate planning is only for the wealthy. This is simply not true. Upon reviewing your assets, you may realize you have more than you think, and what you have should go to the beneficiaries of your choosing.

Items to consider including in your estate plan include:

• Life insurance policies;
• Bank accounts and certificates of deposit;
• Ownership in a business;
• Bonds, stocks, and mutual funds;
• Retirement plans;
• Real estate;
• Cars, RVs, boats, and/or motorcycles;
• Safe deposit box contents;
• Jewelry;
• Collectibles such as coins, antiques, works of art, or trading cards.

What documents Do I Need to Create?

The specific documents you should create will depend on your unique needs and circumstances as well as your assets.

Most estate plans contain the following documents:

• Last Will and Testament

A last will and testament is a legal document that communicates your final wishes pertaining to assets and dependents. If you already have a will, you should review it and determine if it is up to date. Will your executor be able to serve? Is the named executor still the best person to help? Are your beneficiaries still alive? Should they receive their gift outright or in a trust for their benefit? Are you looking to protect your heirs’ inheritance from ex-spouses?

• Revocable Living Trust

A revocable living trust is a document whereby you arrange for certain assets to be administered and distributed by a third party known as a trustee while still having full control over the assets and arrangements therein for as long as you live. If you already have a living trust, when was the last time you reviewed it? Do you need to change your beneficiaries or the way they are to receive your assets? Will they receive the trust property outright? Are the beneficiaries of your trust adults? Have you properly funded your Florida revocable living trust with your assets?

• Beneficiary Designations

In Florida, assets titled under your individual name and without a beneficiary designation will go through probate court. Assets such as bank accounts, life insurance, IRAs, and annuities can be gifted to a named beneficiary upon your passing and therefore avoid the probate process. Contact your account provider and request a “payable on death” or “transfer on death” beneficiary form.

• Durable Power of Attorney

A durable power of attorney may be a key document in your estate plan, as it allows you to designate an agent to make financial decisions on your behalf.

• Designation of Health Care Surrogate

A  designation of health care surrogate allows you to authorize a person to receive health care information from your doctors and make decisions on your behalf should you become unable to make such decisions yourself. The designation of health care surrogate is another key document you must have in your estate plan. Having someone you trust making health decisions on your behalf is crucial.

• Living Will

A living will is a document where you state whether you want life-prolonging treatment in the event you are in a terminal state. Do you want respirators to help you breathe? Do you want doctors to keep you alive artificially? We know these are hard questions, but it is imperative to think about the answers ahead of time with the help of the people you love.

How Much Will Hiring an Attorney Cost Me?

Some Estate Planning Attorneys charge flat fees instead of hourly rates, while some charge a fixed rate for standard services and an hourly rate for special tasks.

At Jurado & Farshchian, P.L., due to the coronavirus pandemic, we are currently offering a reduced flat fee of $999 for our legal representation, which includes the drafting of the following estate planning documents:

• Last Will & Testament,
• Durable Power of Attorney,
• Living Will, and
• Health Care Surrogate Designation.

Beginning the Estate Planning Process During the Coronavirus Pandemic – We Can Help You

Estate planning allows you to prepare for what happens to your property, money, and other belongings after you pass away. Just as importantly, an estate plan also defines the kind of medical care you want in the event you become incapacitated, who will handle your affairs on your behalf, and any wishes you want to include. Although it can be highly unsettling to think about death, it is an important thing to plan for no matter how much you own. The good news is you will not be alone. We will be with you every step of the way.

If you have any questions about how to begin the estate planning process during the coronavirus pandemic, do not hesitate to contact us today. Call Jurado & Farshchian, P.L. at (305) 921-0440 or send us an email to Romy@JFLawFirm.com.