It’s been a while since we talked about estate planning back in January of last year. Two months later COVID-19 turned our world upside down.
The world has changed a lot since then.
If this past year has taught us anything, it’s that life is unpredictable. In such a crazy environment it’s become more and more clear that having a preplanned path for your estate is more than advisable; It’s a necessity. Everyone needs a clear and concise estate plan to divide and distribute their assets in the event of the worst happening. It gives you peace of mind knowing that your family and assets are taken care of before anything happens to you.
The Basics for Estate Planning During a Pandemic
So, what are the most things to plan for when dividing your estate during a pandemic?
While the world has changed dramatically, the main components of estate planning haven’t. Here are some things to consider when composing a will.
- Consider your assets. One of the first things to do when estate planning is to compile a comprehensive inventory of your assets. Your “assets” include real estate investments, current savings, retirement funds (ex: 401k), and any personal affects (books, clothes, other possessions). Knowing what you have helps you plan accordingly. It also helps to take inventory so that you don’t forget anything important.
- Savings accounts like a 401k typically have a designated beneficiary that you specify when you set them up. It’s a good idea to check on and update these when necessary. Life events such as divorce or the death of a beneficiary can make the distribution of your 401k messy. For more on maintaining an up-to-date beneficiary designation read this article from Orbit Wills.
- Choose a trustworthy and responsible executor. This person will be responsible for implementing your will.
- Consider your loved ones: pets, spouses, and dependents. When planning your will it’s important to remember that it involves more than just your assets. The care of dependents and pets in the event of your passing should be specified in your will. Without your specification, children will be appointed a guardian by the court system. It’s important to plan with their wellbeing in mind.
As business restrictions with COVID-19 drag on it may be difficult to get in to see someone face to face. Luckily, there are digital platforms specifically designed to be remotely assessable. Orbit
Wills make estate planning quick and easy. With a user-friendly digital format, Orbit Wills helps make the process less stressful and much easier. Visit their site here for more information!
For more estate planning, visit the Estate Planning page on our site.