COVID-19 and Your Estate Plan
The nation has lost over 300,000 lives to COVID-19. Given the current trajectory of the virus, we may lose more Americans in this battle than we did during World War II. All this death has many of us thinking about our estate plans. If you do not have an estate plan, you are not alone. According to a recent Caring.com survey, only 42% of U.S. adults have an estate plan.
Everyone should have an estate plan. But what should go into your estate plan? You should have health care power of attorney, which grants a person you trust the legal authority to make medical decisions if you are incapacitated. A living will or advanced health directive states your preferences for medical care if you are unable to express them. In Oregon, we have a program called "Portable Orders for Life-Sustaining Treatment" or POLST. A durable power of attorney gives a person you trust the legal authority to make financial decisions for you.
You should have a will which states how you want your property distributed after your death. A revocable living trust is a legal tool that allows you to manage your property during your lifetime and distribute your property after your death. If you have a living trust, you will also have a pour-over will.
Springwater Wealth Management
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Beaverton, OR 97008