Second Wave Seconds the Need for Estate Planning

Yee Law Group Inc. > Second Wave Seconds the Need for Estate Planning

elderly man looking at laptopIn this uncertain COVID ridden world, planning for what you want to happen to your possessions and assets as well as for other future needs, may be one of the few things that can bring you peace of mind, knowing that you have done what you can to make the future a more secure place. 

Planning for the Second Wave

Even though for a while it looked like the United States was flattening the curve on the spread of the dangerous coronavirus, this trend reversed its course in mid-June. This reversal resulted in record numbers of new infections. While the media, politicians and health experts around the globe are talking about preparing for the second wave of infections, the reality is we are not out of the first wave. This wave may get worse before it really gets better and if predictions are right, it’s not a question of “if” the second wave hits but “when” it will hit.

Now, more than ever, it’s important to be as prepared as possible for an uncertain future and it’s a good idea to be prepared for the second wave.

The Future & Your Estate

With a scary future ahead, where the coronavirus will be around for a longer time than many people ever imagined it would, comes a greater importance to plan your estate or to make sure it is still up to date if you have one that you planned more than a year or two ago. Different peoples’ situations will create different needs for what they need to do to make sure that their estate is planned to their satisfaction. It is recommended that you enlist the help of a licensed estate planning attorney when you plan your estate or when you need to update an existing one.

Estate Planning

While many people do not enjoy the thought of planning for a time when they will no longer be here or when they might no longer be able to care for themselves and/or to make decisions about their finances and healthcare, the sense of relief they feel when they have finally done this gives them little to no regrets for having done so.

Estate planning is not only a way to ensure that your wishes are met after your passing but having a sound estate plan may also help to minimize the estate taxes that your heir or heirs will have to pay. The very basics of estate planning include the following:

  • Choosing who you want to be responsible for managing your assets in the event you become unable to manage them yourself; and defining what circumstances you want to be considered unable to manage them on your own
  • Choosing who will manage your health care if you are unable to take care of yourself; defining what health care decisions should be made on your behalf
  • Choosing who and/or what organizations should receive your assets after you pass, as well as who will be your executor, the person designated to distribute your assets when you are no longer here.

If you are looking for a highly rated estate planning lawyer in the Sacramento area who knows how to help people prepare for the second wave and more, contact the Yee Law Group today.