The Estate, Legacy and Long-Term Care Planning Center of Western NY
Financial Advisor in Rochester, NY
Eight Estate Planning Strategies In A COVID-19 World
The reality of COVID-19 has forced many individuals to address the “what if” scenarios that were previously unthinkable, or at least the situations that no one ever wants to talk about or deal with.
Most of us have fortunately never dealt with anything like this – extended periods of isolation at home and long-term social distancing – in our lives. Many people are reaching out to execute estate plans they have put off finalizing and signing. Others are calling to start estate plans they should have started years ago. Attorneys are offering creative solutions to get estate planning documents signed and in place.
Here are eight things you should know.
1. Most estate planning work can be done at home. You may not be able to physically meet with your attorney, but you can still create, update or finalize your estate plan. Most attorneys are working remotely and are available via email, telephone and video conferencing to advise you. Documents can be drafted and emailed to you for review, or delivered to you by mail or a tracked delivery service.
2. Use the time to get your estate planning house in order. Chances are you now have the time to think through the issues you have placed on the back burner for so long. Take advantage of the time to address your estate planning while these issues are foremost in your mind.
3. There are many options for signing document. Many attorneys are approaching will signings on a case by case basis. It may be appropriate to sign it in the attorney’s office or at your home while practicing social distancing, and wearing gloves and masks, if warranted (although I would not want to take these medical supplies away from health care professionals where they are greatly needed). Some law firm are even offering drive-up will signings.
4. Meeting with your attorney is not always needed for document signing. In certain circumstances, people may be able to sign documents on their own. Your attorney can forward you instructions on how to have an out of office signing. You may need witnesses who can be friends or neighbors who are practicing social distancing while watching you sign the documents.
5. Online notarization is still in its infancy. While a few states allow for online notarization of certain types of documents, most do not, and only a handful of states allow for electronic wills. Nevada and Indiana, for instance, allow for electronic wills, while Florida’s electronic will statute becomes effective on July 1, 2020.
6. Movement to push for online notarization during global health crisis could expand options. Some states may allow for temporary electronic notarization of documents during the pandemic. Massachusetts attorneys, for instance, are working on a petition to the governor requesting that attorneys who are notaries be allowed to notarize documents and conduct will signings online during this period. Your attorney will have the most up to date information for your state’s laws.
7. Notarization of wills is not necessarily required. While many attorneys have wills notarized, your state’s statutes may not actually require notarization in order to have a valid will. In Massachusetts, for instance, if you are able to have two people witness your will, you do not need a notary for a valid will. You will, however, need to prove the will as valid afterward. This can be accomplished after the fact by having the parties later sign an affidavit in front of a notary when it is safe to do so.
8. Trusts may have different notarization requirements. Although many attorneys include notarization as a form of best practice if you are signing a trust, there are some states where it is not required. For the time being, you may be able to simply sign the trust on your own and a notary can acknowledge the signature later when it is safe. Note, this is not an option if the trust involves real estate and needs to be recorded at the registry of deeds.
Speak with your attorney about how you should proceed with your estate planning in light of this new (and hopefully temporary) reality. At the very least, you can get all your documents finalized and ready to sign when it is safe to venture outside your home.
Source: https://www.forbes.com/sites/christinefletcher/2020/03/23/eight-estate-planning-strategies-in-a-covid-19-world/#54806abf3a2c