Questions about financial management if something happens to you, your overall health care desires, and the structure of your estate plan have become top of mind for plenty of individuals and American families in recent years. A recent survey found that two thirds of Americans stated that the pandemic has made them think about their own mortality and 7 in 10 respondents said they have reorganized at least one financial component of their life as a result.
These areas included employment situations, long term savings and investments, emergency savings and life insurance. Prior to the pandemic, only one third of Americans had a will in place. However, nearly 3 in 10 respondents to this survey said that they made changes to their estate plan during the pandemic, put it in place after the pandemic or are in the process of creating one in the near future. Reassessing these financial aspects of your life and making important financial decisions can make things easier for you and your loved ones in a time of crisis.
If you didn’t update your estate plan yet, the pandemic might be a good reminder that things can change in your life quickly. A sudden illness or accident could mean that you’re unable to speak for yourself. The loss of a spouse could make things difficult for your family when you’re trying to provide for children and navigate the legal complexities of a lack of estate planning.
For further information about the estate planning process, schedule a call with an estate planning law firm that has helped many individuals and families address these important questions.