Since last March, our world dramatically changed in many ways! Based upon all of the changes that have been thrust upon us, what have we learned about the following areas of concern that we may not have thought about pre-COVID, regardless of age?
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If I am unable to communicate on my own, do I have all of the necessary legal documents in place to address my wishes? Do I have a will? Do I need a trust?
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Have I thought about my healthcare wishes if I become unable to make my own medical decisions? Do I have a Living Will and Healthcare Power of Attorney in place?
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If I am a single parent, have I thought about who would take care of my children if I am unable to do so? Does my will address the guardianship of my children?
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Does somebody have access to my bank accounts, online credit cards accounts, retirement accounts, etc.? Do I have a summary of online passwords and log-in information that I have shared with whomever I trust to address any financial concerns if I am unable to do so?
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Have I identified the beneficiaries for my retirement accounts? Do these beneficiary designations need to be updated based upon changes in my life or family make-up?
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If I have acquired a pandemic pet, who is going to take care of my new family member if I am unable to do so? Do I want to provide their care if I am unable to do so?
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If I have young adult children who have just launched into the independent world, have they addressed some basic estate planning needs?
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Do I have enough assets set aside that if I lose my job unexpectedly, I will be able to cover my immediate living expenses for at least six to twelve months?
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Do I have the appropriate level of both disability and life insurance in place to take care of myself or my beneficiaries?
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If we are looking for a silver lining to the pandemic, we should have learned that planning is an important part of life regardless of our age, marital status, level of wealth, employment status, etc. We have all had quite a bit of time to think about what is important to us over the past 16 months. Let us be sure that as the world continues to reopen, we follow through and take the actions needed to secure our futures and those of the ones we love.
We are here to assist in the planning process.
Please call any member of your Client Service Team to talk about how Zinner & Co. can help you plan and become prepared.
