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LAW OFFICE OF BRADLEY D. SCHNUR, ESQ. P.C.

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Estate Planning in Light of COVID-19

| May 14, 2020 | Estate Planning |

Do You Have a Will, Power of Attorney and Health-Care Proxy?

BASIC ESTATE PLANNING

Many of us assume that we will live forever, never become disabled, may never require long-term care or require that somebody else make a medical decision on our behalf.

The coronavirus (COVID-19) pandemic has nevertheless brought to light a topic many people have previously shied away from, namely developing a plan in the event something happens to them.

Irrespective of one’s socioeconomic status, the reality is that even without a basic Estate Plan , among other things:

  • The State, through the “probate process” may determine who receives your assets and in what proportion;
  • A Court may determine who cares for your minor children;
  • Your medical wishes may not be carried out in the manner you desire; and/or
  • Your heirs may incur unnecessary Estate Taxes and other expenses

A good Estate Plan should be thought out in order to achieve your goals both during life and beyond. A good Estate Plan:

  • Preserves your assets (including money and personal property);
  • Protects your real property (no matter where it is situated);
  • Sets forth your wishes with respect to child care;
  • Expresses your wishes with respect to medical treatment when you are incapacitated; and
  • Allows you to create a legacy

Please contact our office at 516-932-4400 or online to schedule a strategy session to determine how we can best assist you in memorializing and/or modifying an estate plan for you. We are available to meet in our office or virtually via video conference technology.

**Mention this post to receive our Basic Will Package (consisting of a basic will, Power of Attorney & Health-Care Proxy) for a discounted, flat-fee.

REVIEW OF YOUR BENEFICIARIES AND FIDUCIARIES

Even if you have an Estate Plan in place, it is nevertheless important to review your beneficiary designations for both your will and other property or assets which pass by beneficiary designation (e.g. life insurance, pensions, IRA’s, bank accounts and retirement plans). Reasons one may wish to change beneficiary designation include divorce, new marriage, additional children/grandchildren, death of a designated beneficiary or other change in circumstances. Similarly, from time-to-time, it is important to review the fiduciaries (e.g. executor(s), trustee(s), attorney(s)-in-fact, health care agents, and guardian(s) for similar reasons.

We can assist you in reviewing your current Estate Plan and determine whether there have been any life events which warrant a modification to the existing plan.

We are open and fully operational. Please reach out to us at 516-932-4400 or via e-mail at [email protected] to discuss all of your legal needs.