Estate Planning During The COVID-19 Pandemic
The coronavirus has changed every aspect of society, and the pandemic has many people reviewing their current estate planning strategy. Contemplating the “what if” scenarios leads to people wanting to make sure their affairs are in order. Social distancing and stay home orders do not mean that you cannot update your estate plan.
Some law firms, including our own, are offering creative solutions to serve their clients during this unprecedented time. The legal field is embracing the remote work option and staying in touch with clients through phone calls, emails, and video-conferencing.
Many people have more time right now, as COVID-19 has hit the pause button on many of the things that once kept us all busy. That makes this an excellent time to think through any changes you might want to make to your estate plan. If you have not gone through the process of estate planning, now is the perfect time to tackle the issue.
Things to consider in estate planning
Estate planning is more than a will. Estate planning allows you to make sure that your assets are distributed according to your wishes as smoothly as possible. An estate plan is something that needs to be revisited and updated as circumstances change. Throughout your life, you will buy and sell assets, potentially grow a business, and your family will change over time.
If you do not have an estate plan, or if yours is very outdated, use this time to consider the things you need to change or include. To get started, use the following general list:
- Itemize the things you own—make a list of everything you own that is worth more than $100. Make notations about anything you want to leave for a specific person.
- Make a list of intangible assets—this list will include things like your IRA, 401K plan, life insurance, bank accounts, brokerage account and long-term care policies.
- List your debts—existing mortgages, current credit card debt, auto loans, and any other money owed.
- Give careful consideration to who you want to serve as your agent to make decisions for you when you are not able to do so and upon your death.
Our attorneys can guide you through the finer details in creating an estate plan that best suits your needs. Once you have organized the essential information for your estate plan or identified any specific changes you want to make to an existing estate plan, contact our attorneys for information about how to proceed.
If you would like to initiate or amend an estate plan, we are here for you. Please see our website to contact us as we work remotely to continue to serve our clients or call office manager Katie Olson at 715-246-2211 or 715-243-7969.
Since 1883, the attorneys at Doar, Drill & Skow have represented families, individuals and businesses across Wisconsin and Minnesota in areas of personal injury, criminal defense, family law and divorce, civil litigation, estate planning and trusts, workers compensation, and more. We are recognized as one of western Wisconsin’s most skilled and successful personal injury law firms and have built our reputation on what we achieve for our clients. We are committed to being your advocate, regardless of your circumstances. Located in New Richmond, we serve clients throughout western Wisconsin and Minnesota.
DISCLAIMER: The Doar, Drill, and Skow blog is intended for general information purposes only and is not intended as legal or medical advice. References to laws are based on general legal practices and vary by location. Information reported may come from secondary news sources. We do handle these types of cases, but whether or not the individuals and/or loved ones involved in these types of situations choose to be represented by a law firm is a personal choice we respect. Should you find any of the information incorrect, we welcome you to contact us with corrections.