Downs Law Firm, P.C.
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
The COVID-19 crisis isn’t just costing Americans their freedom and jobs; it’s also forcing millions to contemplate their own mortality.
Amid the climate of uncertainty surrounding the coronavirus pandemic that is sweeping the nation, people are grappling with the difficult subject of estate planning … and not taking any chances.
Governor Hogan’s issued an updated Order on April 10 clarifying how that process is to take place and also allowing for the use of remote video witnessing.
“Don’t panic” has been a common refrain from government leaders, public health professionals, and across social media from well-meaning people trying to keep everyone calm during the coronavirus pandemic.
It’s never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life’s unexpected twists and turns.
Estate planning is a systematic process, which involves getting your personal and financial goals for the time you pass away or become mentally incapacitated. It is also known as a last will, and almost everyone does this planning for their family.
The fact is people’s names often change. People get married and divorced, or sometimes they just legally change their names.
If someone has lost capacity to execute legal documents and has no power of attorney in place or has a power of attorney that is no longer usable (for example, if the named agents are deceased), a guardianship proceeding may be the only recourse.
I have appointed my oldest son as agent using a durable power of attorney form I got on the Internet. I want to be sure he understands his responsibilities if he has to manage my money and pay my bills when I become ill.
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