The COVID-19 outbreak, as well as economic challenges, have caused many people in Oklahoma to consider how they can create effective estate plans. While uncertain times can make estate planning difficult, some powerful strategies can be utilized to make the most out of estate planning anytime.
To hopefully reduce any anxiety you have about the state of the economy and to help achieve your estate planning goals, the following will review some quick but powerful estate planning tips you should consider utilizing.
# 1 – Review Your Investment Portfolio
It can be uncomfortable to confront your investment portfolio during this difficult time, but these times offer an excellent opportunity to review your assets and determine whether there are creative strategies to take advantage of the current economic situation. For example, some people are utilizing current low-interest rates to pass assets to beneficiaries.
# 2 – Review Your Estate Planning Documents
It is not enough to have estate planning documents, you should also periodically review them to make sure that the wishes expressed in these tools are still appropriate. Uncertain economic times have the potential to change various asset management strategies and goals, which is why now is a critical time to review these documents. You should make sure to carefully analyze the terms of any wills, trusts, powers of attorney, and medical directives that you might have. While reviewing these plans, you should consider whether any named individuals you have appointed are still able to perform in these roles.
Additionally, if the location of your estate planning documents changes, you should be sure to share these details with your loved ones. If it becomes necessary to make immediate changes to your estate plan, an experienced attorney can help you determine how to best achieve these goals while still following social distance guidelines.
We understand the recommended Centers for Disease Control guidelines for minimizing coronavirus exposure and will make sure to follow these steps while helping you update the terms of your estate planning documents.
# 3 – Keep Beneficiary Designations Up to Date
Some types of accounts including life insurance policies and retirement accounts pass assets on to a loved one in accordance with beneficiary designations rather than the terms found in a will or trust. It is critical to review the terms of these beneficiary designations to make sure that they still match your wishes.
# 4 – Remember That Everything is Temporary
Just like other difficult times that the country has gone through, it is critical to remember that the coronavirus pandemic will pass too, in time. Rather than grow anxious or uneasy about these times, the much better strategy is to simply prepare for what lies ahead and to make sure your estate planning documents are as organized as possible. Many people discover that checking this item off their list helps them to feel in control during uncertain times.
Speak With an Experienced Estate Planning Lawyer
Even during a global pandemic, it is still possible to engage in effective and powerful estate planning. If you need the assistance of an estate planning attorney to achieve your goals, do not hesitate to contact attorney Jim A Lyon today to schedule a free case evaluation.