Estate Planning During The COVID-19 Pandemic – What Mistakes Should I Avoid?

Estate planning during the COVID-19 pandemic can be challenging; however, it is indescribably vital. In these uncertain times, you must make sure you have an up-to-date estate plan to ensure your family and loved ones are taken care of when you are no longer around. Having a poorly executed estate plan or, worse, no estate plan at all can lead to loved ones being left out of inheritances, struggling with unnecessary legal battles, or having to pay large taxes.

Unfortunately, when it comes to estate planning during the COVID-19 pandemic, it is astonishingly easy to make mistakes.

Here are 4 common mistakes to avoid:

1. Not Hiring a Professional

One of the most common estate planning mistakes people make is assuming a basic will is all they need. This is simply wrong. When it comes to estate planning, one document is not enough. When creating your estate plan, you must consider all the documents available before deciding which ones you should execute. This is where working with lawyers becomes essential – they can help you take care of any complicated assets and provide you with tailored strategies based on your specific circumstances and needs.

1. Not Updating Your Estate Plan

Over time, estate plans may become obsolete. You may have a major life event that alters the way you want your assets to be distributed, which requires a review of your estate plan, as there are assets that have separate beneficiary designation forms, such as life insurance policies or retirement accounts. These forms affect your beneficiaries regardless of what your will says, so you need to make sure to review them every couple of years if there are any changes in your family, such as the death of a parent, a new spouse, etc. Otherwise, your assets could accidentally go the wrong person.

While estate planning during the COVID-19 pandemic is challenging, having an up-to-date estate plan can be crucial should you become sick. If you want to update your existing estate plan or create one, contact Jurado & Farshchian, P.L. today to learn all you need to know.

1. Not Planning for the Death of a Beneficiary

If a beneficiary dies while a person’s estate is still going through probate, that beneficiary’s share will typically become part of their own estate. If a beneficiary dies without a will, his or her share will pass to any next of kin eligible to inherit from the decedent. However, you may wish to list multiple beneficiaries to ensure your assets are split equally amongst your surviving loved ones should one of them pass. Planning for the death of a beneficiary has never been so vital. Talking about the death of your loved ones can be difficult; however, in these uncertain times, it is necessary. When it comes to the COVID-19 pandemic, we must pray for the best but also prepare for the worst. Fortunately, you will not have to do this alone – Jurado & Farshchian, P.L. will be by your side every step of the way.

1. Selecting the Wrong People to Handle Your Affairs

Ideally, every estate plan in Florida should include at least two powers of attorney – one for medical care and one for financial matters. While your first instinct may be to appoint a spouse or child to be the person making medical and financial decisions on your behalf if you become incapacitated, a family member may not always be the best person for the job. It is good practice to review your existing estate planning documents every few years to make sure that the people you chose will truly have you and your best interests at heart when handling your affairs.

Estate Planning During the COVID-19 Pandemic – Work with Jurado & Farshchian, P.L.

Only time will tell if the COVID-19 will get worse in the future. However, you should not just wait and see – you need to make sure your estate plan is up to date. It is time to stop putting off creating an estate plan, and we are here to help you do it.

Many things can go wrong after someone dies. Working with an experienced Estate Planning Attorney can save your family a lot of money as well as emotional pain. If you have any questions about creating an estate plan, do not hesitate to contact us today. Call Jurado & Farshchian, P.L. at (305) 921-0440 or send us an email to [email protected].