Don’t Skip These Coronavirus Property Planning Steps
As the coronavirus pandemic sweeps across the country, some are gearing up for the worst-case scenario. As AARP reports , attorneys are seeing business growth as Americans rush to prepare estate planning papers – and it’s easy to see why. Less than a third of adults have a will or other required estate planning documents, according to a recent survey by Caring.com . If you are one of the majority that did not die – and do unexpectedly – this can create problems for your family. Here are some important property planning steps to consider right now.
Last will and testament
Your last will and testament specifies which individuals or charities can receive your assets after you die. While your best bet is to work with a local estate planning attorney, you might also consider an affordable online service like Thoughtful Wills . Regardless of which option you choose, make sure the document is legally binding as required by your state.
Prior Care Directive
Another key document is your Advance Care Order, also known as your Patient Advocate or Health Care Proxy. This document identifies someone who can make health care decisions on your behalf if you are unable to. It may also indicate your wishes for end-of-life patient care.
You can download your state’s advance directive through the National Hospice and Palliative Care Organization , but if you have any state-specific questions, contact your local attorney for advice.
Financial power of attorney
You must also have a financial power of attorney that allows someone else to manage your finances while you are still alive. You can upload the documents through your state’s website or hire an attorney to prepare them for you.
Check your recipients again
Each of your retirement, life insurance, checking and savings accounts must include the name of the recipient — the person, people, foundation, or charitable organization that will receive the balance when you die. As Kiplinger says , the exact wording will determine where your money goes, so don’t leave that to chance. Take a few minutes to check again how your beneficiaries are listed.
Online passwords
According to NordPass , the average person has 70-80 passwords. If you pass away unexpectedly, it can be difficult for a loved one to find out these passwords and gain access to your online accounts. You should rely on a password manager, not a handwritten list, to make sure your survivors can access your digital records. Our list of the best digital password managers is here .
Other instructions
In addition to all of the above, create a document outlining everything your loved ones need to know. For example, you can include a plan for your pets, including their health needs and preferred veterinarian. You can also write down your wishes for a funeral, memorial or funeral. It can also be convenient to include information about your home, including planned or needed renovations. This is your chance to share everything that can help prevent additional stress and uncertainty for your loved ones.