Coronavirus and Estate Planning
Estate Planning During the Coronavirus
With the current Coronavirus pandemic, estate planning is at the top of mind for many Americans. The United States has become the world’s epicenter for the Coronavirus. While fear and inactivity may be a natural reaction, it is also an opportunity to plan. Whether or not you are in a vulnerable demographic, the Coronavirus should remind us all that estate planning is a critical part of our lives.
Immediate Estate Planning Needs During COVID-19
A comprehensive estate plan should address incapacity, death, finances, health care, taxes (income, property and estate taxes), asset protection, probate and many other issues. Essentially, many of the issues that arise when faced with a Coronavirus infection. However, during the current pandemic, these issues have become tangible, rather than a distant hypothetical possibility.
The media outlets have spoken daily about patients coming into the hospital without an Advance Health Care Directive. An Advance Health Care Directive allows someone else to make medical decisions for you (Health Care Agent). It also provides your Health Care Agent with direction regarding your health care wishes. Without an Advance Health Care Directive, it leaves hospital staff and your family, if available, to make unilateral decisions regarding your care.
Health care is not the only concern during the pandemic. When you’re sick, your financial situation must continue to be managed. Estate planning allows someone else to manage your finances when you’re sick and incapacitated.
Estate Planning Consultation During Coronavirus Pandemic
We are taking every measure to ensure the health of our clients and our staff. All meetings are done virtually, either by telephone or video conferencing. Using Zoom video conferencing, we are able to provide the same level of estate planning expertise, including diagrams and flowcharts, as though we were sitting directly across from each other. We like Zoom because it does not require you to have a Zoom account to join the video conference. Through this process, we are able to bring our office directly into your living room. Over the past few weeks of the Coronavirus pandemic, we have completed more than 30 estate planning meetings by Zoom videoconferencing.
Although we did not know it at the time, our office was always preparing for a time like this. Our office infrastructure has been designed since the beginning to navigate remotely when necessary. This infrastructure has allowed us to transition our current work, as well as new clients, in a seamless manner.
Estate Planning Signing and Notarization During Coronavirus Pandemic
Once your documents are ready, the estate planning documents must be executed. Unfortunately, California law does not allow for digital execution. The documents must be signed, witnessed and notarized. Again, the safety of our clients and staff is our top priority. All signings are completed outside of our Irvine office. All documents are prepared in a manner so that you may sign without the notary and witness (typically me) being in close proximity to you. You will have 30 feet (if not more) of open space between you and us. We will wear masks and gloves during the entire signing. We ask that you do the same.
This signing process has several benefits: 1) We can protect the safety of everyone; 2) We can ensure the documents are properly executed; 3) If there are issues, our office is upstairs and we have access to our complete infrastructure; and 4) we are able to comply with California laws regarding witnessing and notarization.
Probate Avoidance Is Even More Crucial Now
One of the many goals of proper estate planning is avoiding probate. To avoid probate, not only do you need planning, but you also need proper trust funding.
Avoiding probate becomes even more important now. All California Probate Courts are currently closed due to the pandemic. Before the pandemic, the Orange County Probate Court was already 5 months behind schedule. With the courts being closed indefinitely, we are likely to see delays of 7-9 months. This means an average probate may take more than two years! The only way to avoid probate is with a proper estate plan.
Estate Planning Beyond the Current Pandemic
While it seems everyone has a different prediction for when this pandemic will be over, whenever that time comes, it does not change the need for estate planning. We are here to help you through all phases of estate planning and trust administration. As an Orange County Certified Specialist in Estate Planning, Trust and Probate Law, our firm has the expertise to assist you with your estate planning now or when the pandemic is over.
John Wong advises on all aspects of estate planning, probate, asset protection and trust administration. He believes that estate planning is about planning for life; while having protections in place should the unexpected occur.
