Estate Planning: What is the difference between will and estate planning?

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Estate Planning

These days, some people are working from home and some people are working in the office because of the coronavirus pandemic. The COVID-19 which means coronavirus pandemic has made 2020 and first half of 2021 a nightmare for everybody from all over the world. For many people in 2020, estate planning became a compulsory need.  COVID-19 pandemic has taught us so many things. One of them is the preparedness. It is the right time to focus on estate planning.

estate planing

With the coronavirus pandemic, more people start to think about their future, security, and business. As we know, estate planning is the plan for your estate after your death. If you become incapacitated, and you cannot decide because of a serious health care crisis, estate planning is very important in these situations.

Unfortunately, in today’s world someone could face all these conditions with the Covid 19, so estate planning is especially important to protect you and your loved ones. You can imagine that it can be difficult for people to meet in person in the traditional way now. Because of that, most offices start to use technology creatively. Therefore, you can achieve your estate plan even in this tough situation.

The Importance of Having an Estate Plan

You can misunderstand estate planning as just the wealthy way. But it is not true. Everyone can benefit from having an estate plan. Your estate plan should be unique according to your family. It is very difficult for this young married couple to get an estate plan. However, if they have young children, they have to think about estate planning.

People do not understand that they cannot schedule an unexpected death. If they die and left no instructions behind them, you cannot know who should raise the child. Therefore, everybody must do estate planning to protect their family. This reason should be enough for parents to create an estate plan.

If you did not do any estate planning before you died, your family may end up arguing about which children deserve more than other ones. As you can see estate planning allows you to stop family arguments and even fights before they begin. It can also prevent confusion amongst your beneficiaries too.

Estate Planning During the Covid 19 Pandemic

Coronavirus poses an imminent threat which is difficult for people to ignore. Because of the COVID-19 global pandemic, offices have received an increased number of calls regarding estate planning. Most of us have been spending our time at home doing organizing and planning everything.

Therefore, clients are much more amenable to act for estate planning than they normally would be. People are nervous about if they end up in the hospital, who will make the medical decisions and who will handle their finances. People do not want to step into a lawyer’s office because of a pandemic, they want to handle as much as they can from home. They are able to do everything remotely from meeting with clients via some applications like zoom, getting documents to them through an online portal, having them review it and signing them remotely.

They are able to do planning for anybody regardless of wealth and as I said, it is all done remotely online. Online system makes it a lot easier today. It is also an ideal time to look and update your current estate plan. People end up in hospitals quickly therefore they want someone there who can make medical decisions and handle their finances if they are unable to do so. Everything can be done inexpensively and quickly during the pandemic and it is important to get documents in place.

 

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PERSONAL FINANCE

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