The Vietnamese Buddhist monk and peace activist Thich Nhat Hanh said, “We need to be aware of suffering, but we must retain our clarity and strength so we can help transform the situation.”
The Covid-19 pandemic is certain to impact the lives of people across every sector. Regardless of money, race, or status, almost all are effected by the pandemic, and some will only see calamities and misfortunes. Others will fortify their minds against the negativity to prepare for whatever may come next.
It’s whimsical to believe the suffering can be magically erased to reveal a bright rainbow. But within every person there is a clarity and strength that can be used to improve their situation and better position their family for the unknown.
Now is the time to dig deep and find the resolve to get the family estate in order. This usually involves a will or a living trust. It also involves choosing a person to handle your financial affairs through a document called Power of Attorney that comes into play if you are incapacitated by accident or illness. You can also appoint a person you dearly trust to make medical decisions if you are unable to communicate with your doctor.
A revocable living trust is a popular way of ensuring the proper succession of your family wealth to your children. It can also be used to protect minor children and vulnerable adults when you become unable to manage your estate assets.
A will is also appropriate for many families depending on the nature of the estate and family dynamics. Sometimes a will is the best succession tool for smaller estates or families that may not have a suitable person to act as trustee in charge of assets.
Many attorneys, including 1Source Law and the Living Trust Source, will provide a gratuitous and confidential discussion concerning your estate. Find out whether a will or living trust is advantageous during this challenging time. Also ask your attorney how you can ensure your doctor will abide by your wishes relating to your medical care at the end of life. While we remain aware of today’s challenges caused by pandemic, we can retain the strength and clarity to protect ourselves and our family’s future with thoughtful estate planning.
Attorney at Law