PERSONAL LEGAL PREPARATIONS IN A TIME OF CRISIS

By G. A. Finch

Although we all have an expiration date on this earth, most of us do not like to contemplate our deaths.  Consequently, many people do not have their personal affairs in order at the time of either their disability or death.  This neglect of one’s medical, legal and financial affairs can wreak havoc on one’s own care as well as on family and business colleagues.  We all should act responsibly.

This inattention to one’s affairs is not defined by any particular class of people or a person’s circumstances. Yes, there are even highly educated or high-net worth individuals who do not have basic estate planning documents such as wills, revocable trusts, and powers of attorney for health care and property.   There are families who have not created special needs trusts for a disabled child or family member.  There are business owners who do not have a succession plan or exit strategy for their closely held businesses.

Hospital

Although ideally, one should prepare all of one’s legal and financial arrangements well before the time one would need them, preparation must occur.  A crisis like the COVID-19 Pandemic should be a sobering jolt to obtain professional advice to put you and your family’s legal and financial affairs in order.  For peace of mind, endeavor now to be able to mark “done” on your TO DO LIST for the items: estate, financial, and business planning.

 

Copyright © 2020 by G. A. Finch.  All rights reserved.

 

 

 

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