The rapidly evolving coronavirus (COVID-19) pandemic has profoundly affected the daily lives of most Americans. At the time of this writing, the State of Texas has 85 confirmed cases. Here in Dallas, the mayor recently ordered all public gatherings to be capped at 50 people, and that all restaurants to temporarily end dine in services. The local courts are deferring non-essential hearings or conducting them by telephone. Local school districts are closed indefinitely.
The coronavirus is a disease that we cannot ignore. It transmits easily and it is spreading at an alarming rate. Elderly adults are especially vulnerable and those who have an underlying issue such as diabetes, cancer, respiratory problems, among others.
As you prepare for this public health threat, you may stock up on essential groceries, work from home, and wash your hands consistently, but what should you be doing to make sure your estate plan is equally prepared?
Review Your Last Will and Testament and/or Living Trust
Now is the time to review your will. Do you even have a last will and testament?
A last will and testament to be valid in Texas must be signed by you in front of two attesting witnesses, with the witnesses in the presence of the testator, normally with a notary.
When was the last time you reviewed your Texas revocable living trust? Do you need to update your beneficiaries and how they are to receive the property? Have you funded your trust with your assets?
Review Your Medical Power of Attorney and Physician’s Directive/Living Will
The medical power of attorney appoints an agent to make health decisions on your behalf as well as receive health care information from your doctors. Have you designated a loved one as your agent to assist you with the unfortunate event that get infected with the coronavirus?
A Physician’s Directive, sometimes called a living will, is the document where you designate whether you want life-prolonging treatment should you be in a terminal state. Do you want respirators to help you breathe? Do you want to be kept alive artificially? All of these are hard questions that must be thought about ahead of time and discussed with the people you love.
Review Your Financial Power of Attorney
If you get infected with the coronavirus, a durable power of attorney is a key document in your estate plan. The durable power of attorney allows you to designate an agent to make financial decisions on your behalf. This allows your appointed agent to be able to handle your financial affairs in the event you are unable to do so.
Document Signing in an Emergency Situation
Our firm typically insists on supervised document signing in our office, which ensures properly executed documents. However, these execution formalities may become impossible due to quarantine policies and other factors. We have developed policies which allow for the execution of estate planning documents semi-remotely, through the use of videoconferencing. We are treading new ground, and we hope to soon return to established procedures. For now, we are trying our best to develop procedures for remote signings that will stand up in court.
Concluding Thoughts
As estate planning attorneys, our firm deals with a lot of elderly individuals looking to protect their families. The elderly community is especially vulnerable against the coronavirus. It is our social responsibility to try to do everything in our power from spreading this vicious disease.
If you have any questions relating to estate planning and how to protect yourself in the event you are infected with the coronavirus do not hesitate to contact my office at (214) 866-0133. Together as a community we can overcome this ordeal.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
