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Home » Estate Planning » Estate Planning Is a Must in the COVID-19 Era

Estate Planning Is a Must in the COVID-19 Era

April 23, 2020 by Pamela Potter

estate planningMost American adults do not have any estate planning documents in place, and this is true even for those who are 50 years of age and older.

The popular website Caring.com conducted a survey that compared the estate planning preparedness of American adults in 2019 and 2020. This year, they have found that 47.9 percent of people who are 55 years of age and older have estate plans. Last year, the number was 60 percent, so we are trending in the wrong direction.

Young adults are much less likely to take the appropriate precautions. Only 27 percent of individuals between the ages of 35 and 54 have executed estate planning documents. As you might imagine, the figures are considerably lower for those that are younger than 35.

COVID-19 Implications

Now that we are all living with the coronavirus as a looming threat, estate planning is more important than ever. Procrastination was never very wise, but now, it is downright irresponsible.

While the vast majority of people who contract the virus will recover, not everyone will and an effective estate plan must include an incapacity component to address this situation.  Patients sometimes become unable to communicate when they are very ill, but someone has to make health care decisions. You can account for these scenarios when you plan your estate.

One essential document is a living will. This device is used to state your preferences with regard to the use of life-sustaining measures.  With a durable power of attorney for health care, you can empower someone to make medical decisions on your behalf if it becomes necessary.  Under the terms of the Health Insurance Portability and Accountability Act (HIPAA), doctors are not allowed to share information about a patient’s condition with anyone other than the patient unless the patient has signed a HIPAA authorization. For this reason, you should include one of these release authorizations in your incapacity plan.

Estate Planning for Younger Adults

The coronavirus is just one of the conditions that can lead to an untimely death. All responsible adults should have estate plans in place during these times, and it is absolutely essential if you are the parent of dependent children.

You should carry the appropriate level of life insurance, and you should have an estate plan to facilitate transfers. There are different ways to proceed, and the ideal course of action will depend upon the circumstances.

Download Our Estate Planning Worksheet

We have developed an outstanding worksheet that you can use to learn a lot about the estate planning process. This resource is being offered free of charge, so there is no reason pass up the opportunity. To get your copy, visit our worksheet access page and follow the simple instructions.

Schedule a Consultation!

If you recognize the need for planning during these trying times, we are here to help. Our attorneys are taking all the necessary steps to keep our clients safe, so exposure concerns should not be an obstacle.

To schedule a consultation with an estate planning lawyer from our Charlotte, North Carolina office, give us a call at 704-944-3245 (Charlotte, NC and Huntersville, NC). The number in Kentucky is 606-324-5516 (Ashland, KY) or 859-372-6655 (Florence, KY), and we have a contact form on this website that you can use to send us a message.

  • Author
  • Recent Posts
Pamela Potter
Pamela Potter
Owner and founder of the Ashland, Kentucky based Potter Law Firm, Ms. Potter concentrates her practice in the area of estate planning, estate administration, and elder law. Mrs. Potter’s goal is to help her clients plan secure financial futures for themselves and their families. To achieve that goal, her firm offers a wide range of estate planning services, including wills, trusts, and powers of attorney in addition to probate, estate administration, elder law, and Medicaid Planning services.
Pamela Potter
Latest posts by Pamela Potter (see all)
  • 2022 Estate Tax Exclusion Has Been Set - December 6, 2021
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Filed Under: Estate Planning Tagged With: Advance Health Care Directive, Trusts, Wills

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About Pamela Potter

Owner and founder of the Ashland, Kentucky based Potter Law Firm, Ms. Potter concentrates her practice in the area of estate planning, estate administration, and elder law. Mrs. Potter’s goal is to help her clients plan secure financial futures for themselves and their families. To achieve that goal, her firm offers a wide range of estate planning services, including wills, trusts, and powers of attorney in addition to probate, estate administration, elder law, and Medicaid Planning services.

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

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