As the novel coronavirus (“COVID19”) sweeps the nation, Fitzgerald & Sadove PLLC is monitoring developments that may impact our clients’ well-being.
1. Estate Planning. This is a good time to review your existing estate plan to ensure that it is current and that no changes to named agents and beneficiaries are necessary. If your family situation or finances have changed, make sure to contact your estate planning attorney to update your documents, such as Wills, Trusts, and Advance Directives. We also recommend that, particularly in this time of great uncertainty, our clients review all of their current beneficiary designations, not only on their estate planning documents, but on all life insurance policies, retirement accounts, bank accounts, etc.
2. Advance Directives. We recommend executing a Health Care Proxy, Power of Attorney and other Advance Directives. A Health Care Proxy allows you to name someone who can make all medical decisions for you if you can no longer make these decisions for yourself. Similarly, a Power of Attorney allows you to appoint a trusted individual who can act on your behalf in connection with your legal and financial matters. Having these documents in place for yourself, however, is simply not enough. If you have college-aged or young adult children, it is vitally important that they, too, execute Advance Directives.
Do not let document execution be a concern. With the current challenges posed by COVID19, New York State has authorized the use of videoconferencing for Notary acknowledgement to ensure that attorneys and clients can take care of important business while practicing social distancing. Call us with any questions or concerns that you may have.