The unfortunate reality of the current global pandemic is that anyone can find themselves sick in the hospital and possibly no longer able to make their own financial or medical decisions. Because of this, the last thing that anyone wants is to become incapacitated without the proper estate planning documents in place.
Read on to discover what we consider the five most essential documents you should either create or update during the current COVID-19 outbreak to protect yourself, your property, and your loved ones.
Will:
Your will is the legal document that instructs how to distribute your assets after your death and appoints guardians for any dependents or minor children. Dying without a will leaves your assets and property in the hands of your state’s laws.
It is also recommended that you review all beneficiary designations for retirement plans and life insurance to ensure that they are current.
Healthcare Power of Attorney:
It’s essential to authorize someone you trust to make medical decisions on your behalf in case of a medical emergency that leaves you incapacitated and unable to communicate your own wishes. A durable power of attorney for health care permits you to make such an authorization.
Living Will:
A living will is sometimes called an advance care directive. This document outlines the kind of medical care you want if you are terminally ill. For instance, you can make it known whether you want to be kept alive on life-support systems, such as a respirator or feeding tube. You can also include instructions for organ donation.
Durable Financial Power of Attorney:
You also may want to make sure that your family has some kind of access to your finances in order to pay bills and medical expenses if you are unable to do so on your own. That’s why another important document to prepare is your financial power of attorney. This document gives someone the authority to handle financial transactions on your behalf if you become incapacitated.
HIPAA Authorization:
The Health Insurance Portability and Accountability Act (HIPAA) sets federal privacy rules for medical records. However, if you’re hospitalized, you may want your spouse, children, or other close relatives to be able to communicate freely with doctors and nurses and find out how you’re doing. That’s why you may want a release document for records authorizing certain people to have rights to disclosure of your medical records.
As the COVID-19 pandemic continues to actively spread through California, make sure you have the above documents in place and up-to-date, especially if you are an individual at high-risk of serious illness or death from Coronavirus.
David Knecht has extensive experience preparing Wills, Living Trusts, Durable Powers of Attorney, and Advance Health Care Directives to meet your estate planning needs. Contact David Knecht Law at 707-451-4502 today to learn more about these documents or schedule an estate planning consultation.
