PN Practical News - Estate Planning During COVID-19 - April 2020

04/01/2020

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We live in exceptionally challenging times now and continuing into the foreseeable future.  As we are faced with unpredictable circumstances, now is a good time to assess estate plans.
If you have original documents with Phillips Nizer, we retain special limited access to our office files and vaults.  If you require originals of certain documents, please contact us and we will endeavor to send them to you within a reasonable amount of time. In many cases, but not all, copies can be provided to you quickly via email.
But what can you do from your own home to check up on your estate plan?  Locate the documents and information you already have in place and check whether they are up to date and match your current circumstances.  Have you recently married, divorced, had a new child, or perhaps lost a family member who is named in your documents? Among the things you probably have filed away somewhere are:

• Beneficiary designations on 401Ks, IRAs and deferred compensation arrangements.  If you can’t locate them, start calling and emailing your account representatives to get the information.
• Beneficiary designations on life insurance including group life policies you hold via employment. If you can’t locate the information, call your broker or human resources department.  
• Beneficiary designations for transfer-on-death accounts Review bank and brokerage accounts where you have made a beneficiary designation.
• Do you have a Healthcare proxy and HIPAA waiver? It appoints one person who will make medical decisions for you if you are unable to.
• Do you have a General Durable Power of Attorney?  It appoints someone to act for you in legal and financial matters, especially if you cannot do so, but also at other times if desired. 
• Do you have a General Durable Power of Attorney for each major bank or broker with whom you hold accounts? Your bank or broker may have the form available online to print and execute with a notary.
• Do you have a Will?  Are the people named as executor, trustee or guardian still alive?  If not, are successors named who are still alive? Has it been updated in the last 10 years? 

We are working remotely and still meeting with clients over the phone or via virtual platforms like Zoom.  Most estate planning documents can be signed by you in your home with two independent witnesses.  Please contact us to schedule an appointment to discuss your needs.  We wish everyone the very best as we navigate the days ahead together.  
Contacts:
Donald Perry
Richard Duffy
Michael Galligan
Neil Kleinhandler
Maura Murphy
Tiberio Schwartz