Significance of Real Estate Planning During Pandemic

The pandemic has impacted everyone, practically everyone, on a global scale. It has made all of us confront our concerns. Whether they are regarding getting ill due to various reasons, losing a job, closing our business, or even being alone and alone. Such worries and unknowns are causing a sudden and pressing need for us to get our affairs in order.

Because we do not know what symptoms we will suffer or how severe they will be if we get such infections, it is critical to be prepared if we do need to be hospitalized. It is frightening to consider becoming ill or losing the ability to make decisions for yourself.

But you can have a real estate plan designed to deal with such scenarios and alleviate such anxieties. Having such a plan with the help of a real estate lawyer in New York can assist you in making health and financial decisions that can bring peace of mind.

Even if there is no imminent health hazard, everyone should have an estate plan. If you don't already have one, there's no better time than now to start.

What Do You Need for Estate Planning?

The procedure of estate planning entails more than simply drafting a will. A comprehensive estate plan will also include a revocable trust (sometimes known as a living trust), financial and property powers of attorney, health care powers of attorney, and other crucial documents. All of these documents are crucial and play an important role in creating a thorough estate plan.

In light of the epidemic and the unique circumstances it has generated, the two most crucial documents to put in place right now are:

1. Financial Power of Attorney.

2. Health Care Power of Attorney.

We all need someone to do our banking or make medical decisions for us if we are quarantined at home, admitted to the hospital, or otherwise incapacitated. These are incredibly crucial documents that must be included in any comprehensive estate plan. The entire legal procedure can be a tedious task, so you can contact a real estate lawyer in New York or Christopher McDonald.

A brief list of all the documents is provided below:

1. Durable Power of Attorney for Property and Finances : A general durable power of attorney is simply a legal document that permits a person to appoint someone to handle specific matters on their behalf. Powers of attorney can be "durable" and effective immediately, or they might be "springing" and take effect at a later date or occurrence, such as disability.

Regardless, the court process can be time-consuming and costly, and you may end up with someone you do not want acting as your legal representative. As a result, you can get competent legal advice from Christopher McDonald.

1. Durable Power of Attorney for Health Care (Living Will/HIPAA Waiver) : A health care power of attorney is just like a financial power of attorney given above. It is a legal instrument that gives an agent or patient advocate the authority to make health care decisions on your behalf if you are unable to do so for whatever reason.

Such agreements allow you to express and share your preferences. It also provides specific instructions regarding your medical treatment if you become unable to do so in the future.

1. Last Will : It is a legal document that allows you to manage the disposition of your property upon your death and appoint an executor or personal representative to oversee the probate of your estate and the transfer of your assets.

1. The Living Trust : A revocable living trust is simply a legal contract you enter into with yourself (and your spouse, if married) to create an entity that will hold and manage your assets throughout your lifetime and distribute them properly upon your death.

I hope the preceding article gave insight regarding the Significance of Real Estate Planning during the Pandemic and a real estate lawyer in New York or Christopher McDonald. For more details, please do contact us.

Mund & Mcdonald is a renowned law firm company offering effective and result-driven guidance for any kind of legal troubles Carle Place, New York. The attorneys are knowledgeable enough and skilled to assist you in the legal procedure.