How to Properly Prepare Your Estate During The Covid-19 Pandemic

How to Properly Prepare Your Estate During The Covid-19 Pandemic

| Apr 10, 2020 | Estate Planning, Trusts, Uncategorized, Wills

Unfortunately we are in the middle of a global pandemic. It is time to talk about estate planning. Face it you need to get your house in order and protect the future of your loved ones now.

We can help with your estate planning needs. Call the Law Offices of Paul F. Sherman at (503) 223-8441 or Contact us for a free estate planning consultation.

YOU NEED AN ESTATE PLAN IN PLACE DURING THE CORONA VIRUS OUTBREAK TO PROTECT YOUR LOVED ONES

You need to get an estate plan in place now. While you are either sheltering in place at home from work as a result of the COVID-19 outbreak or even worse having to perform essential services during this public health crisis, it is essential that you have an estate plan. Otherwise, you will end up in Probate Court and your estate will pass under the laws of intestate succession.  The State will decide how to divide your assets. Probate is both time consuming and expensive. COVID-19 has caused an alarming spike in deaths and court dockets are simply overwhelmed by this pandemic. It could take years to resolve your estate.  Most importantly, your wishes will not be followed unless you have a properly drafted and executed estate plan.

A properly drafted estate plan is even more important to the LGBTQ community, and your loved ones may not be protected if you fail to act. The law is simply not set up to protect the rights and desires of  an LGBTQ household absent an carefully drafted estate plan. Without proper planning your estate could go to people who have not been supportive of you during your life and to people who never accepted you or your family for who you are. Having a homophobic father or mother receive your home and valuables is not necessarily the process you want to see play out. You need to protect your loved ones and make sure they are provided for should you unexpectedly die as a result of this pandemic.

Face the facts, you want those you love to have your things to remember you by and to be taken care of. You need to retain a lawyer to create an estate plan which writes down what you what to happen with your estate.

CONTACT PAUL F. SHERMAN FOR EXPERT ADVICE IN DRAFTING YOUR ESTATE PLAN

Nobody want to talk about death, but it is coming for all of us. Don’t leave your family with the burden of having to figure out what to do with your possessions, with your home, to provide for your loved ones, to find your assets, or to figure out what forms need to be filed. Not to mention where are all your possessions? Where did you bank? What accounts do you have? How you own your properties? Do you have a safe deposit box?

If these scenarios are not enough to motivate you to act, consider the financial cost of not having an estate plan in place. Attorney’s fees in Probate Court on a $1,000,000 estate (which is low if you own a house) will cost of minimum of $23,000, and significantly more if claims and disputes among your loved ones are litigated. Estates are determined by gross value and often require expensive bonds to complete.

We know you have questions, and we have answers. If you would like to learn more about the estate planning process, drafting a will, having a durable power of attorney, having an advance directive for your heath care, or drafting trusts to provide for your loved ones, call the Law Offices of Paul F. Sherman at (503) 223-8441 or Contact Us for a free estate planning consultation. We are experienced, caring and affordable, and we remain open to provide you and your family essential services during this crisis.