A will or revocable trust.
Be sure that your assets will pass to those who you want to receive them after your death. This is critical during crisis times. You do not want to make things any harder than they need to be on your loved ones. Create an estate plan to avoid potentially expensive and time-consuming processes like probate, which may be even more challenging, if your family is confined to their homes or the courthouses are closed to in-person visitors. A will can cover what happens to your assets at death. This typically works well, but for many who want to avoid probate, a revocable trust is a better option. Probate proceedings are public, meaning that anyone can examine and access the nature and value of your assets simply by requesting a review of the court file. Probate proceedings generally require at least six months of time between the beginning of the process until making final distributions (which may be even longer as a result of COVID-19 related court closures). These are some reasons why people often opt to use a fully funded revocable trust that doesn’t require probate at all. For either a will or a revocable trust, make sure that it’s up to date and correctly reflects your current preferences and family circumstances. With the new Executive Order in place, these documents can be properly executed even during these times of shelter-in-place and social distancing.