​Five Legal Documents You Should Have/ Update in a Pandemic

In New Jersey we are quickly approaching the one-year mark of life in the COVID-19 pandemic. I am sure you remember the beginning of the pandemic when we were assured that precautions and “lock-downs” would only last for two-weeks. Then, then two months. Now, a year.
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Stress and anxiety seem to rise and fall in line with the confirmed number of positive cases. Despite the promise of distribution of vaccines, news is inundated with vaccine delays, variant strains, new guidance on masks, and the potential for new travel restrictions. Over the last year, many Americans have spent sleepless nights pondering the worst-case scenario. In this time of intense uncertainty, preparing for the worst can save you some peace of mind.
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Here are five documents that you should put in place, or update, during the pandemic:

1. Advance Healthcare Directive. Also known as a “living will,” this document designates an agent to speak for you if you become physically or mentally incapacitated and are no longer able to communicate consent to medical care providers. An advance healthcare directive also allows you to make decisions regarding life prolonging procedures, including extending life by artificial means, so that your agent or family members do not have to make that decision for you.
2. HIPAA Release.  The Health Insurance Portability and Accountability Act (HIPAA) protects your medical privacy. Medical institutions are bound by this law. As a result, many hospitals will not allow medical professionals to disclose any of your medical information or history without a release, even to your designated agents or family members. A HIPAA release can be included in the language of your Advance Healthcare Directive.
3. Durable Power of Attorney   This document gives an agent of your choice the ability to make financial and legal choices for you if you are incapacitated. This person will be able to manage your assets and pay your bills for you only during incapacitation
4. Will.  A will gives your beneficiaries and family members a clear understanding or your wishes and how you want them to manage your estate. This will, hopefully, dispel any uncertainty that would lead to disagreement. Contrary to popular belief, wills are not only for wealthy people. If you own any property including a home, a car, personal property, etc., you should have a will.  Additionally, if you have children, you should have a will in order to designate the person or people that you choose to be the guardian(s) of your child.  If you already have a will, review it and make sure that it is up to date. Certain life events like marriage, divorce, loss of a family member, inheritance, etc. may make it necessary to update your will
5. Beneficiary Designations.  Retirement accounts and life insurance policies are not governed by the beneficiary designations present in your estate planning documents. In order to make beneficiary designations of these accounts and policies, you will have to contact the financial institution directly. This is especially important after life events such as marriage, divorce, the death of a beneficiary, etc.

 
This list constitutes just some of the most essential legal precautions that you should take during the pandemic. Your particular circumstances may dictate further action. For example, if you were recently divorced, you may have to ensure that the title to your car is in the correct name. Or, if you recently inherited property, you may wish to specifically include that property in your will.

Some may find it uncomfortable to prepare these documents, but just remember that it doesn’t hurt anything to be prepared. Think of planning your estate as an insurance policy, you won’t need it until you do.

All five of the documents listed are well worth the small effort that they take to prepare. To ensure their effectiveness and compliance with applicable laws, it is best practice to consult an attorney to prepare or update these documents. Once you have these documents drafted or updated, be sure to keep the documents in a safe place and to inform your beneficiaries and/or agents where to find them.

For assistance in estate planning, please visit hunnelllaw.com/contact to schedule a call with one of our attorneys.

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