By Dan Caplinger | The Motley Fool
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.
Nobody likes to think about their own mortality, and that’s why so many people go without basic estate planning documents. Often, an event like the coronavirus can be the kick in the pants you need to get your affairs in order. To protect yourself and your loved ones, now’s a good time to make sure that you have the following four documents prepared and updated.
1. 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.
“Unfortunately, it often takes a significant event like an illness or accident to remind people to ensure their families are protected in the event something happens to them. This article, while not Arizona specific, is applicable to estate planning and protection in Arizona – with one additional wrinkle. Arizona law authorizes a Power of Attorney for Mental Healthcare that is more specific than for physical health care. If your estate planning documents are old or you don’t have any, please call us for help.” ~ David McDowell