Here in the era of COVID-19, your estate plan may not be the first thing on your mind. But a good plan can help you manage family matters during this health crisis.

Here in the era of the coronavirus, your estate plan may not be the first thing on your mind. But an up-to-date plan can help you manage family matters during the current health crisis, as well as prepare you for whatever the future may hold.

DURABLE POWERS OF ATTORNEY. Most estate plans include powers of attorney, and the vast majority of married couples name each other as agents under a general durable power of attorney. These documents allow each spouse to act on behalf of the other in managing various aspects of family life. For example, if there is a need to make any changes to an account or access a safe deposit box, one spouse can act for the other. In cases where an individual is battling an illness, this option can prevent unnecessary exposure to others and help ease stress.

HEALTH CARE POWERS OF ATTORNEY. In times like these, a health care power of attorney could become vitally important. Here, it’s important to keep in mind that health care powers of attorney are always “springing”—meaning that the named agent can make decisions on behalf of the spouse or loved one only if that person is unable to make his or her own health care decisions, either because of age, illness, or injury.

TAKING STOCK OF YOUR PLAN. For those of you who already have an estate plan in place, now is a good time to take stock and review it. You might start by asking yourself the following questions:

* Does it meet your wishes and reflect the current realities of your family?
* Are the named agents and powerholders still the people you want in charge when the time comes to shift responsibilities?
* Do named beneficiaries and stated payout percentages make sense? These beneficiary designations may include those you have added to your bank, brokerage, and retirement accounts.

Please note: When it comes to retirement account beneficiary designations, keep in mind that several important changes were made in 2019 under the SECURE Act. These changes include the elimination of the “lifetime stretch” for most non-spouse retirement account beneficiaries.

THE BEST LESSON? BE PREPARED. The most important takeaway here is to keep your estate plan up to date. Laws change, life and family dynamics evolve over time, and even technological advancements alter how we access our online accounts, which hold some of our most cherished property and memories. Make a point to meet with your estate planning lawyer every few years or certainly in anticipation of any major life events.

Life changes quickly, but having a solid estate plan in place will help you stay the course. If we can help in any way, feel free to give us a call at 253.858.5434 or visit us at www.aitalaw.com.