Estate Planning During Natural Disasters or Pandemics

 Posted on October 08, 2024 in Estate Planning

Natural disasters and pandemics often make us realize how fragile life can be. Recent catastrophes such as the COVID-19 pandemic, Hurricane Helene, or devastating earthquakes around the world serve to illustrate that unexpected events can happen at any time.

These events not only affect our day-to-day lives but also serve as reminders of the importance of being prepared for the future. One of the best ways to prepare is by updating your estate plan. Having a solid estate plan can give you peace of mind that your family and loved ones will be cared for, no matter what happens, and our Wheaton, IL estate planning attorneys can help.

Why Estate Planning Is Important During a Crisis

Estate planning is not just for the wealthy. It is for anyone who wants to make sure their property, finances, and wishes are handled according to their desires if they pass away or become incapacitated. During a crisis, like a natural disaster or a pandemic, having a plan in place becomes even more critical. With an up-to-date estate plan, you can:

• Ensure your loved ones know your healthcare wishes.

• Make sure your property and money are distributed the way you want.

• Choose a guardian for your children or pets.

• Prevent your family from going through lengthy legal processes like probate.

Key Estate Planning Documents

If you do not have an estate plan in place or need to update yours, there are a few key documents to include:

• Will: A will is a legal document that outlines how you want your property and assets (such as a house or money) distributed after you pass away. It also lets you name guardians for any minor children.

• Power of Attorney: This document allows someone you trust to manage your financial and legal affairs if you become unable to do so. For example, if you were in the hospital after a natural disaster, the person named in your power of attorney could help handle bills or manage other important matters on your behalf.

• Healthcare Directive: Also known as a living will, this document lets you outline your wishes for medical treatment if you cannot make decisions yourself. For instance, if you are injured in a natural disaster or become seriously ill during a pandemic, your family will know what kind of treatment you want.

• Trust: A trust is a legal arrangement that allows a third party, known as a trustee, to hold and manage assets for beneficiaries. Trusts can help avoid the probate process, which is the legal process that happens after someone dies, ensuring that assets are distributed more quickly to your loved ones.

Updating Your Estate Plan After a Crisis

If you have an estate plan in place, you are already ahead of the curve. However, life circumstances can change, especially after major events like natural disasters. For example, if you have relocated due to a disaster or a loved one passed away during a pandemic, it may be time to revisit your estate plan to ensure it is still in line with your wishes. Here are a few reasons you may need to update your plan after a crisis:

• You have experienced a major life change (such as marriage, divorce, or the birth of a child).

• Your financial situation has changed (due to loss of property, for instance).

• You want to update who is listed as your beneficiaries, executor, or trustee.

• You have moved to a new state, and the laws regarding estate planning may be different.

The Importance of Acting Now

Natural disasters and pandemics remind us that life can be unpredictable. Do not wait until it is too late to protect your family and ensure your wishes are known. Taking the time to create or update your estate plan now can save your loved ones a lot of stress and ensure your wishes are honored.

Contact Our DuPage County, IL Estate Planning Attorneys

If you are unsure where to start or need help updating your estate plan, consider reaching out to a Lombard, IL estate planning lawyer. Our team at A. Traub & Associates is here to help you create a plan that fits your needs and we offer a friendly environment so our clients feel welcome and comfortable. Call us today at 630-426-0196 to schedule a consultation and take the first step toward securing your family’s future.