Planning for the Unexpected

We have been living in unprecedented times with the COVID-19 pandemic and its impact on the worldwide population. One of the most difficult outcomes of this virus is the loss of hundreds of thousands of lives – from the very young to the elderly. Perhaps the most unexpected of these losses are those of my own age group. Those seemingly healthy individuals from their early 30’s to mid-40’s. They are our friends, former classmates, parents, rising executives, care givers.

What happens when we lose such a vital part of our family and community? Because many of these individuals were healthy before contracting the virus, because they were busy people, they may not have planned for their own death.

It may be a morbid topic, but sadly, it is one we need to be more open about. There are steps that need to be taken, conversations that need to be had, before the unexpected happens. Whether it’s COVID-19 or a tragic accident, if you or your spouse were to suddenly be gone what happens next?

As an attorney this is a conversation I’ve had many times with clients and my own family. When the pandemic began, I sat down and thought about the plans we had in place for our family. Yes, there are the necessary legal documents in place, but there are also the more mundane things to consider – who has keys to your house, who will take care of your pets, how will bills be paid, who knows where the important documents are kept?

There are three documents I recommend every individual have:

· A Will

· A Living Will, and

· A Medical Power of Attorney.

Depending on your unique personal and family situation, you may also need:

· A Power of Attorney (Durable or Springing),

· A Trust

While I also recommend individuals have life insurance policies, I am not a financial planner. It is a great idea to have your attorney and financial planner working together to ensure that your estate plan and financial plans mesh.

I also recommend having a notebook that lays out the basics of your life:

· How do you want to be memorialized?

· Do you want to be buried, cremated, or your body donated?

· What’s the code for your home security?

· Where are your bank accounts?

· Where do you keep your check book?

· How are your bills paid?

· For pet parents, Who is your Vet? Does your pet take any medications?

· What’s your email password?

· What to do with your social media accounts?

Those are a few of hundreds of questions that could arise if you are suddenly unable to care for yourself, or if you are no longer here.

Your notebook can be a simple legal pad stowed away with your important papers or one of the many versions available online that can help you remember everything. I personally like this notebook available on Amazon.com. I feel a little humor helps get through the tough conversations.

The key is keeping the notebook updated and having a person you trust know where the information is in case of the unexpected.

If you have more questions, please reach out to CLBC. We can review your existing estate documents, recommend updates, or draft new/additional documents to protect your family. You can Contact Us through the website or via Facebook or LinkedIn.

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