The COVID-19 pandemic has resulted in a lot of changes to the way people live their lives and perform their jobs. Estate planning has also been affected, both in terms of the processes used to plan an estate and the kinds of tools implemented.
The biggest takeaway for people who are planning their estate during this pandemic is that it has become more important than ever to find ways to avoid probate. Here’s an overview of what you should know.
Avoid probate at all costs
Probate avoidance is always a focus of sensible estate planning, because it enables people to pass their assets on to their heirs without the delays and costs they would incur by having to go through the probate courts.
Now, during the COVID-19 pandemic, many probate courts are closed indefinitely. In many California courts, there were already months-long expected delays for probate cases.
The closures caused by the pandemic will only add to those delays. In some cases, this means it may be a year or two before a probate case can be completely wrapped up.
This is an extremely long time to wait for the process to complete. For people who are grieving the loss of a loved one, it might feel as though an ongoing probate case only stretches out that grieving period and fails to allow for the closure they need.
Establish a Living Trust
The best way to avoid probate is to establish a revocable Living Trust and to fund it with all of your assets. Trust assets bypass the probate process, allowing them to be directly passed on to your heirs.
A revocable Living Trust has the added benefit of having a successor trustee who can step in to manage your trust assets should you fall sick and become unable to deal with your own affairs.
What’s different about the estate planning process during a pandemic?
Of course, the process of planning your estate during a pandemic is going to have some challenges. Just as the probate courts are closed, many law offices are also closed to the public.
Fortunately, our attorneys have been offering phone and video conferencing services for estate planning meetings.
Challenges you may face include:
Being able to properly execute the documents. A will must be signed in person by the testator and by at least two witnesses.
Social distancing requirements may make it difficult to get the witnesses you need, but there are ways to safely complete this process.
Though you do not need to sign the document in front of witnesses with a Living Trust, you would still need to sign the document in the physical presence of a notary public since California law does not allow for remote online notarization.
At the very least, it would be easier to arrange this at the moment than to get multiple witnesses and the testator together when people are sheltered in place.
You can still start your estate plan today
While there are some extra challenges to planning an estate during the pandemic, doing so is still possible and it is crucial to accomplish an estate plan that allows you to bypass probate.
For more information about creating a Living Trust during the pandemic, schedule a free consultation using our form below or reach out to our office at (626) 307-2800.
REQUEST YOUR CONSULTATION WITH OUR ATTORNEYS
