Cary Estate Planning Lawyer Paul Yokabitus Explains Post-Pandemic Estate Planning Considerations

Uncertain times frequently prompt us to evaluate our personal and financial situations. Consider the practical steps you can take to prepare for the future. COVID-19 has been on everyone’s mind for nearly two years now.

Paul Yokabitus, a Cary estate planning lawyer, discusses the critical factors to consider when reestablishing order in your life and implementing effective strategies in a post-pandemic world.

Obtaining a Comprehensive Estate Plan

Preparing an estate plan ensures that your affairs are in order is critical, and it provides you with the assurance that someone will carry out your final wishes while relieving the stress on loved ones who will ultimately be responsible for administering your estate. Plus, a properly-drafted estate plan has numerous advantages.

Some of these benefits include providing for minor beneficiaries and appointing guardians, assisting with reducing your estate tax liability, asset protection, and asset protection for vulnerable or disabled beneficiaries. Regularly reviewing your documents in light of changing circumstances can help ensure that your instructions are current and tailored to your specific needs and wishes.

Preparing for Unexpected Health Events

A power of attorney (POA) is a legal document that appoints someone, usually a spouse or adult-aged child, to make decisions on your behalf before your health deteriorates. This component becomes increasingly critical as the risk of mental incapacity increases. The vital point to remember when preparing these documents is that they must be in place before an individual loses capacity.

Without a POA, your family members will have to petition the courts if you can no longer make decisions on your own. You retain control over who is appointed when you draft this document in advance. Drafting one also ensures that your family members act in your best interest.

Business Owners Should Prepare for Continuity

The pandemic’s turmoil emphasized the importance of succession planning for business owners. This strategy may include establishing provisions if one partner dies or reviewing the company’s policy regarding transferring shares to family members. Business succession planning benefits the owners, the company, and their clients.

A smooth transition means that the business can continue to provide the same high-quality goods and services without interruption. If the COVID-19 pandemic has taught us anything over the last year, it is critical to organize your affairs regardless of age or gender. Life tends to throw curveballs, and you’ll want to be prepared.

Final Thoughts and Considerations

Weathering a post-pandemic world involves advance planning. A Cary estate planning lawyer will discuss the most appropriate estate planning documents for your specific situation. Estate planning is not a singular approach, which means that it is critical to consult with a legal professional to help you devise a strategy.

Your estate planning lawyer may recommend an estate plan that details who can assist you in caring for yourself if you are no longer able to do so. Other documents may include a will, living trust, power of attorney, and a living will. Otherwise, you leave your estate open to interpretation by probate courts upon your passing or incapacitation.

Regardless of your needs, a legal professional ensures that you have the right documents in place to protect your family and preserve wealth. You will rest easy knowing that your affairs are in order with proper estate planning.

About Cary Estate Planning

Cary Estate Planning is a North Carolina law firm that specializes in Estate Planning and Elder Law. Wills, trusts, probate, estate administration, special needs planning, and Medicaid planning are some of the common things they help their clients with. For more information on how they can help you or your loved ones, you can visit their website.