Do I need a living will or healthcare directive? Should I have a power of attorney in place? Does my will or trust need to be updated? These are some of the questions people are asking in the wake of growing concerns over the COVID-19 outbreak.
Changes in the size and nature of your estate, your familial structure and family relations, as well as changes in the law are just few examples of events that can drastically and materially affect an outdated comprehensive estate plan. Under normal circumstances, these concerns are not top of the mind. But a global health threat such as COVID-19 can cause us to rethink our priorities a bit. If you have not updated your estate plan in the last five-to-ten years, I would recommend that you review it to determine whether changes are needed.
Additionally, a healthcare directive (or “living will”) and a power of attorney are indispensable not only during long-term periods of incapacity, but short-term periods as well, such as a severe illness. I would encourage everyone to have a healthcare directive and power of attorney in place, regardless of one’s age, assets, or family structure. These documents are relatively simple and inexpensive to set up, and can save time, money and headaches down the road.
This webpage contains general information and not legal advice, nor is it an exhaustive representation of its subject matter. It is based on Minnesota law in effect at the time of writing. An attorney at Farrish Johnson can advise you about how the law applies to your specific situation.