An Estate Lawyer’s Perspective on the Pandemic
Life is full of change right now. Faced with the COVID-19 pandemic, people are re-evaluating both their personal and professional lives on an unprecedented scale. And every field and industry is responding in unique and innovative ways. That’s true of attorneys, too.
I’ve been practicing law for seven years, with a specialty in estate planning, probate law, and guardianships. In other words, I focus on families—and their deepest, most personal concerns. During this pandemic, I’ve seen these concerns rise to the surface, as families everywhere worry about their futures, their loved ones, and their financial security. Fortunately, I’ve been able to provide reassuring legal advice and services to help families navigate this uncertain time.Here’s what I’ve seen happen during the pandemic.
More people are deciding to create a will.
I’ve seen a significant increase in appointments for my Will in a Day® service. From the end of March through the month of April, I have completed more wills and powers of attorney than in those same months for the past seven years combined.
People are overcoming procrastination and fear.
Living their normal, busy lives, many people put off their estate planning.. You may have done the same. Now, the extra time at home has helped people cross items off their to-do list; tasks they may have put off for years. Plus, the ability to get a will done virtually allows them to safely participate without having to leave their home to protect their family’s future.
Fear and uncertainty are big reasons why people avoid creating a will. During the pandemic, concerns about the future override this procrastination, as people realize that life is unpredictable and that preparation is key.
In addition fear and uncertainty, here are the main reasons I’ve seen people avoid creating a will:
They don’t know an attorney who can help.
They are embarrassed to admit they don’t already have a will.
They don’t know how much it will cost, because most attorneys don’t list their prices online.
They think it will take a lot of time and effort.
They don’t want to talk about their assets.
They aren’t sure what they want to do with their assets or who to appoint as executor and guardian.
Other priorities and demands get in the way.
Here to help you overcome
I created Will in a Day® to address these concerns. When using my service, you know the price and the time commitment upfront. The intake form can be completed in 10 minutes or less. If you are unsure what to include in your will, we can work through the options in our virtual meeting. Even the signing and notarizing can take place on a virtual platform, often in the same week as the initial meeting.
In total, the meeting takes about 75 minutes, and the signing only 10.
After their will is complete, my clients feel more protected and secure. A burden has been lifted off their shoulders. No matter what happens in the future, they know that they have prepared the best way they can.
Parents are focusing on their young children.
The pandemic has helped people recognize that life is unpredictable. Knowing that something could happen to them—either during the pandemic or at a later time—parents want to appoint a guardian for their children in their will. In Iowa, the court gives preference to a person appointed in a parent’s will if both legal parents are deceased.
I also include a testamentary trust for a trustee to manage the inheritance until the children are old enough, as determined by their parents, to control the funds. The testamentary trust is created through the will and can include specific instructions written by the parent. For example, the trust can instruct the trustee to use the child’s trust share to pay for the child’s wedding or for a gap year after high school.
Families are reaching out to support loved ones.
I often say that your will is for your loved ones. A will lets them know what you want to happen after you pass away. The grief and confusion that accompany loss can be exacerbated when the family doesn’t have a will to consult as they make important decisions.
More often, I am seeing adult children encourage their parents to get a will and powers of attorney. I also see spouses prioritizing estate documents, because they are spending more time together discussing these issues. In several situations I’ve encountered, one spouse is a frontline health care or essential worker who wants to protect their partner if they get sick.
It is a positive experience
The people I have worked with have been incredibly positive about the pandemic and the experience of creating a will. The decision boosts their confidence and their sense of power over an uncertain future.
How can I create a will?
It’s possible to create your own will. (See my blog Can I write my own will? for more information). But I recommend working with a qualified attorney to avoid complications.
My Will in a Day® service allows you to create and finalize a valid will virtually, with less than two hours of work. In our video meeting, I discuss your assets and how they would transfer after your passing, and I make recommendations about updating beneficiary forms. I don’t ask how much money you have in your accounts. And we don’t need to discuss taxes. (In Iowa, there is no estate tax, and the federal tax only applies to huge estates. Very few people I meet with need to do tax planning).
How can I create powers of attorney?
It’s incredibly important to have a power of attorney for health care and financial decisions in place before a potential emergency. If you need to decide between a will and powers of attorney due to financial reasons, choose the powers of attorney. However, I don’t advise using the online forms without an attorney to advise you. Usually, attorneys should quote a flat fee for preparing these documents. (See my fees for both wills and powers of attorney).
About Me
I have been practicing law for seven years and have assisted clients in the areas of family law, business law, and estate planning. Over 50% of my practice is preparing wills and powers of attorney. I truly enjoy helping individuals with these issues so that they can go about their lives feeling secure and knowing their loved ones are provided for. (Learn more about me.)
