The global pandemic has halted the global economy, changed businesses and personal lives, as well as caused a strain on the health systems of people. As we adapt to the ongoing challenges posed by the coronavirus, the current situation raises the issue of how prepared everyone should be in case of an emergency.
In this pandemic, clearly there are a lot of bothering issues and estate planning is one of them, as an estate plan covers the major issues bothering individuals.
The need for an estate plan is important for everyone as it ensures you, your loved ones and your assets are protected. Creating an estate plan is usually the least priority on the list of most busy people, but with everything going on, the need for an estate plan should be prioritized.
You may ask, “why do I need an estate plan now?” Well, here are five purposes of an estate plan this period.
1. Health Decisions:
With an estate plan in place, you can decide whoever you want to make decisions for you when you are incapacitated or when you are unable to do so. This involves creating a living Will or advanced directives to state your wishes as regards your health, and your healthcare proxy is given the responsibility of ensuring your wishes are carried out.
2. For Your Loved Ones:
Writing an estate plan is important especially for age dependents. Age dependents are children below the legal age. They are children that are not mature enough to make decisions for themselves. When creating an estate plan, you can choose a suitable guardian to take care of your children in case of an eventuality. An estate plan also allows you to assign assets for your loved ones like your aged parents, your siblings, your wife and other relatives.
3. Protects Assets:
As we assess the outcome of this economic crisis, we shouldn’t overlook its impacts on our physical assets. It’s important to protect your assets by insuring your assets as well as creating an estate plan.
4. Chance to Live on your Own Terms despite the Pandemic:
Writing a Will ensures you assign a suitable beneficiary to your assets, it also ensures your healthcare is secured and the future of your loved ones is also secured. This gives you the fulfilment knowing that the pandemic can’t control your future and that your loved ones.
This period has given everyone the chance to stay home with their families and bond, as we do this; it is only human that we think about the future of our loved ones after this crisis. This is where creating an estate plan comes in, to give you the peace of mind that you, your loved ones and your assets will be secured in the future.
With the ongoing laws on social distancing, it is only wise that you stay safe at home and create your estate plan online. You can write your Will with our online Will writing service iWill and save yourself the stress of having to contact an attorney as well as protect your health.
To write your Will, kindly visit www.leadwaycapitalandtrusts.com or call us on 08129997204 for more details.