The Coronavirus Crisis (COVID-19) may have you wondering about your own estate planning. Below are some important questions you should ask yourself during this difficult and challenging time:
Do you have a Last Will and Testament?
If you do have a Will, it is important that it be reviewed. If there are changes that need to be made, it is important that those changes are NOT made on the document itself, as it could result in invalidation.
If you do not have a Will, it is important that you have one properly executed. Please keep in mind that filling out a form through the Internet may not suffice as New Jersey has strict formality requirements.
Do you AND your adult children have a Durable Power of Attorney and Advance Directive?
Again, if you have a durable power of attorney and an advance directive it is important that this be reviewed so that your intentions are accurately reflected in the documents.
If you do not have these essential documents, it is important that both you and your adult children have these documents so that an authorized agent is designated to make both financial and medical decisions in the event that you become incapacitated or disabled. Unfortunately, parents can no longer make health care and financial decisions for an adult child who is over eighteen.
Have you spoken to your financial advisor to review your life insurance, IRA, 401(k), and other assets that have beneficiary designations?
It is essential that beneficiary designations reflect your intent. Additionally, it may be prudent to convert a traditional IRA to a Roth IRA. Further, under the CARES Act, there may also be some benefit towards suspending a distribution for 2020.
J. A. Centanni Law remains open during the Coronavirus Crisis and is happy to assist with your estate planning as well as answer any questions.