Estate Planning – Four Things to Keep in Mind Right Now
This blog contains a brief summary of four important estate planning items for you to consider at this time.
1. Remote meetings and signings.
Many states have relaxed the requirements to witness and notarize documents. For example, in Connecticut, all witness requirements on any document, other than a Last Will and Testament, are suspended until at least June 23.* Therefore, this is an opportunity for you to take advantage of the relaxed requirements, to contact your attorney via telephone or video conference, and to execute documents that may be essential to both your personal health and to the preservation of your assets.
*Witnessing a Will may be done remotely via video conference, in accordance with Governor Lamont’s Executive Order, pasted here. https://portal.ct.gov/-/media/Office-of-the-Governor/Executive-Orders/Lamont-Executive-Orders/Executive-Order-No-7Q.pdf
A Will is the cornerstone document of most estate plans. It is a legally enforceable declaration of how you want to distribute your property after death. It may also contain provisions for naming a guardian for your minor children, if you were to pre-decease them. A key point to keep in mind with a will is: it becomes legally effective and operative upon death. Accordingly, if you would like to give directions during your lifetime, this is your opportunity!
3. Health care proxy
Generally, a health proxy allows you to designate to someone else the authority to represent you or act on your behalf in matters related to your health, or to act as a personal conservator if you become unable to care for yourself due to age, accident, or injury. It is important to execute this now, before it is too late and before you and your family are facing a stressful healthcare situation.
4. Living Will
In addition to a health care proxy, it is also important and helpful to have a living will. Generally, a living will is an advanced directive that states your intent to not be kept alive by artificial means, unless there is a reasonable chance of a full recovery. Most – if not all – of our clients, prefer to have this advanced directive in place as part of their basic estate planning package.
For assistance with any legal needs related to your business or estate planning, contact Fournier Legal Services at firstname.lastname@example.org or 860.670.3535 now for a free consultation and planning session.
Joseph E. Fournier is an Attorney and a CPA who has more than twenty years of experience in a variety of business legal matters, including start-ups and company formations, drafting shareholder and operating agreements, contracts, employment law, commercial litigation, tax planning and audit defense, and mergers and acquisitions (M&A). He also handles estate planning matters, such as business succession planning, wills, trusts, and probate.