Estate Planning During Quarantine Ridgefield, CT
With the coronavirus in full swing, many people have been in quarantine for over a month by now. If you’re working from home or got laid off because of the pandemic, you likely have a lot of extra time on your hands. A good way to make better use of your free time right now is to make the necessary updates to your estate plan.
Here are some tips for estate planning during quarantine in Ridgefield, CT from Sweeney Legal, LLC.
Prepare a Letter of Instruction
An estate planning letter of instruction provides information to guide your family members on how to settle your final affairs. In this letter, you should include information, like who should be notified about your death, where the key is to your safety deposit box, who your lawyer is and how your family can claim benefits under a life insurance policy.
Inventory Your Assets
Throughout estate planning during quarantine in Ridgefield, CT, it’s a good idea to make an inventory of all your assets. This way, your family member won’t have any trouble finding them once you’re gone. When you create an inventory, remember to include the description of each asset and where they’re located, information needed to access the asset and the approximate value of each asset.
Update Beneficiary Designations
Has it been a while since you’ve reviewed your beneficiary designations? Estate planning during quarantine in Ridgefield, CT is the perfect time to make the necessary updates. For example, let’s say that you listed your daughter as a beneficiary when you first drafted your estate plan. However, you had a falling out with her a year ago and the two of you are no longer speaking. You may not want her to receive anything now. However, if you don’t remove her as a beneficiary, she will still receive an inheritance.
Create a Digital Estate Plan
Digital assets include anything you’ve stored online, such as photos, social media accounts, email accounts, ebooks and computer documents. Just like your physical assets, something has to happen to your digital assets upon your death. In your estate plan, include a letter of instruction about what you want to happen to your digital assets. For instance, if you wish for your Facebook and other social media accounts to get deactivated after your death, be sure to include that in your estate plan.
Walk Your Family Through Your Estate Plan
Sometimes a letter of instruction can be vague. To complete estate planning during quarantine in Ridgefield, CT, take some time to walk your family members through everything they need to do to set your affairs in order. While it’s not the most pleasant way to spend time with your family members, it will make things easier on them after your death.
If you have additional questions about estate planning during quarantine Ridgefield, CT residents rely on, contact a qualified estate planning lawyer today.