As the coronavirus pandemic continues to spread across the country, it seems like everyone is thinking they should probably get a will done, just in case. While this renewed attention to coronavirus and estate planning is great, experts at Bankrate.com warn that a will may not be enough.
What is a Will?
A will is a legal document that directs who should receive your property at your death – specifically any property that is in your name only and without a beneficiary designation. Without a will, your property may be distributed by the courts according to your state’s laws of intestacy … regardless of what your wishes might have been.
Some Shortcomings of a Will
What’s Right for You?
When it comes to coronavirus and estate planning, there is no one-size-fits-all solution. In some situations, a will – even with all its shortcomings – may still be a good option. Meeting with an estate planning attorney is the best way to get the planning that’s right for you. In most instances, you won’t have to leave your home and can meet by phone or online in a video chat.
Resource: ABC News, Coronavirus leads to surge in wills: 'Everyone is thinking about their mortality', April 2, 2020; Bankrate.com, Revocable trust vs will: A guide to estate planning in the age of coronavirus, April 17, 2020
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