The current state of affairs reminds all of us that we live in a time of uncertainty. We must be mindful that estate plans are fluid and need to be altered to reflect current realities. Now, more than ever, clients should be proactively (and possibly boldly) adjusting their estate plans.
For some, these adjustments may mean simply updating their estate plan documents to revise fiduciaries designated under their Last Will and Testament and agents under their Durable Power of Attorney and/or Health Care Proxy. As we have previously indicated in our April 7 alert Issues To Contemplate Post-Coronavirus (COVID-19), we believe that the use of Revocable Trusts will greatly replace the use of a Will.
Please see full Alert below for more information.