Estate Planning – Making Changes due to COVID

Key Takeaways

• If COVID-19 has changed your priorities regarding wealth distribution to children or charitable giving, you must legally modify your estate planning documents—thinking about changes or writing notes alone has no legal effect
• Adult children over 18 require a power of attorney for financial matters and a healthcare proxy signed by them, not you, since you lose legal authority to make decisions or access accounts once they turn 18
• Replace springing powers of attorney (triggered only when disabled) with immediate powers of attorney, because proving disability requires difficult-to-obtain medical provider documentation and creates legal barriers; if you don't trust someone now, don't name them as agent
• Every adult needs basic estate planning documents including a power of attorney for financial matters and healthcare proxy to handle bills, taxes, and medical decisions if you're hospitalized, on vacation, or incapacitated
• If using online estate planning services due to cost, educate yourself first by watching a 30-60 minute webinar about the specific document type before filling out forms, rather than jumping directly into the form like 'driving without driver's ed'