Estate Planning During The Coronavirus FAQs

Yee Law Group Inc. > Estate Planning During The Coronavirus FAQs

Estate Planning Lawyer Sacramento CA

senior couple estate planningWith coronavirus consuming the headlines, you may be thinking about estate planning. Estate planning is much more than merely creating a will. A strong estate plan also consists of several other essential documents. These may include a revocable trust (sometimes called a living trust), health care powers of attorney, financial powers of attorney, and more. These documents serve a crucial role in the overall planning.

What is a Last Will and Testament?

This document offers legal instructions to direct the distribution of your property after your death. It allows you the opportunity to appoint an executor, who oversees the distribution of your assets. 

Everyone has assets, and without a will, there is no direction as to how those assets will be distributed. If no will is in place at the time of your death, the distribution of your assets will be handled by the state.

A will also offers you the opportunity to appoint a guardian to take care of your minor children. If you don’t have a will in place, a court will decide who will best fulfill that role. 

What is a Health Care Power of Attorney?

A health care power of attorney (HCPOA) gives an agent of your choosing the legal authority to make health care decisions for you if you are not competent or are incapacitated. If you don’t have an HCPOA and are over the age of 18, your family members will have to request that the state probate court appoint a guardian to wield these powers.

What is a Financial Power of Attorney?

A financial power of attorney (FPOA) document gives an agent of your choosing the legal authority to carry on with your financial affairs and protect your property. The FPOA allows the agent acting on your behalf the ability to pay bills, make deposits, write checks, sign tax returns, and sell or purchase assets.

What is a Living Will?

A living will is also known as an advance health care directive. It allows you to specify the specific end-of-life treatment you do or don’t want to receive if you are permanently unconscious, terminally ill, or won’t survive without life support.

What is a Living Trust?

A revocable living trust is a legal contract that you enter into with yourself to create an entity to hold your assets. It’s revocable, so you can change it at any time. If you become unable to manage your estate, your living trust prevents the need for a court to appoint conservatorship. You designate a successor trustee who manages your affairs without the court being involved. A trust also affords you the utmost privacy surrounding the details of your estate. It avoids the need for a public probate process.

How Can I Plan My Estate During the Coronavirus?

The coronavirus situation has made accomplishing some tasks nearly impossible. This is not the case with estate planning at Yee Law Group. The estate planning professionals at Yee Law Group are doing virtual meetings. You can talk to us about your estate from wherever you are social distancing. There may not be a better time than now to plan your estate. Reach out to us today to schedule your virtual appointment with an experienced Estate Planning Lawyer Sacramento, CA residents recommend.