Bay Area Estate And Tax Planning Law Firm

Why reviewing your estate plan now might be beneficial

On Behalf of | May 29, 2020 | Estate Planning |

Let’s state the obvious regarding the current COVID-19 global health pandemic: It is a dangerous and persistent nemesis that has materially altered the lives of Californians and people spanning the globe.

We have stressed that point periodically on our website at the long-established Bay Area estate planning Law Offices of Connie Yi. We noted in our April 28 blog post, for example, that the viral challenge has “disrupted the customary way of doing things.”

And yet people press on, uncowered and determined to ultimately prevail against it. While doing so, they continue going about their daily affairs to the fullest degree possible.

One realm in which that continues to be possible is estate planning, where a prepared law firm can still cater to its valued clients in a largely normal way.

A recent Forbes article stresses that such continuity is especially important now, during the pandemic’s tenure. The crisis has underscored several planning concerns that have become escalated in nature for many individuals and planners. Paying attention to them now, notes Forbes, can be “critical.” Areas of concern and necessary focus include these:

  • Power of attorney designations relevant to financial and health concerns
  • Will reassessment, especially concerning matters such as executor appointment, guardian selection and the naming of beneficiaries
  • Trust review, including instructions on trustee identity and the process for distributing assets to beneficiaries
  • Proper funding of any created trusts, during the trustor’s life

Timely and tailored estate planning promotes peace of mind and certainty regarding the future in any instance. It can especially promote those concerns now.