Estate planning sign on a wooden pier with tall buildings in the background

How the Covid-19 pandemic has changed the way we think about estate planning.

In the field of estate planning, we’ve witnessed a shift in the way many of our client’s plan.  Daily uncertainties remind us that it is crucial to take advantage of opportunities to create security. Estate planning protects your family’s financial future in times of uncertainty and market volatility.

Over the past several weeks, many of us have enjoyed a limited return to pre-pandemic activities, including increased public gatherings, the ability to remove our masks at our local coffee shops, and a gradual return to office spaces. However, there is still pending uncertainty about what the future may hold and many of us view are daily lives from a different lens, still shook by the abrupt changes the COVID-19 pandemic brought to our lives.

               A lack of proper estate planning exposes our loved ones to risk that is not a requirement of our lives. Estate planning not only affords us the peace of mind of knowing that our assets will be distributed as we choose, but also provides us comfort in knowing that our families are far less likely to be burdened by the stress and anxiety of estate disputes and the elevated cost and burden of the probate process.

              Estate planning allows us to avoid the high costs of statutory fees. It offers an opportunity to preserve the value of our assets by planning for the mitigation of taxes.  We can protect a loved one’s public benefits or reduce the likelihood that a creditor may attach to our children’s inheritance.  We may even reduce the chances that a family dispute will arise over a challenge to our intentions.

The crucial pieces of an estate plan include:

  1. Revocable Living Trust
  2. “Pour-Over” Will
  3. Financial Power of Attorney
  4. Advanced Health Care Directive

Each document plays an important role in your plan for future uncertainty. If you do not have an estate plan in place, now is an excellent time to create one. Whether you find yourself with an increase in time available at home or enjoy the opportunity that a decreased commute or increased use of technology provides in navigating our daily lives, consider making use of a fleeting change of pace to complete your planning. 

San Mateo Estate Planning Experts

Contact us today to schedule a telephone, video or in-office consultation to get started or review your plan as it currently stands.  At Chauvel & Glatt, we will counsel you through the estate planning process, from getting to know you and your family, explaining each piece of the process, through executing your documents and transferring title of real estate and other assets to your trust. We look forward to an opportunity to serve you in ensuring security in your loved ones’ futures.

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