As the coronavirus pandemic reshapes our world, we have to correctly prepare for the future and its uncertainty. This includes placing estate planning at the top of your priority list. In the midst of this healthcare crisis, here are a few steps to take in order to effectively plan for what’s ahead.
Name a Power of Attorney. This means electing a trusted individual to make important healthcare decisions on your behalf if you cannot do so. Every person needs a power of attorney regardless of wealth, financial circumstances, etc. In case you do contract the virus or another detrimental illness, you will have someone you trust in place to look out for your best interest.
Create a Living Will. A will is a written document that expresses your wishes regarding consent towards important decisions like medical treatment. Having a document that spells out your views towards life-extending healthcare can be critical in carefully safeguarding your future. Furthermore, wills detail what will ultimately happen to your assets and other valuable possessions if something should happen to you. Instead of these items being in limbo, it is a smart idea to create a will.
Review Your Beneficiary Designation. A designated beneficiary is placed on a financial account or life insurance policy as a recipient of a person’s assets in the event the account holder passes away. Beneficiary designations are somewhat underrated in the estate planning province, as many don’t realize estate plans can be overriden with what has been written in beneficiary designations. Hence, it is absolutely citical to every now and then take a peak at your beneficiary designation to make sure it still aligns with your wishes. A thorough of once a year would effectively suffice.
Colonial Surety Company helps you meet court requirements with ease. We offer a direct and digital way to obtain estate bonds to help you seal your estate planning process. The steps to secure your bond couldn’t be simplier—get your quote online, fill in your information, and enter your payment method. It’s that easy! Contact us today to get your estate bond.