Essential Estate Planning During This Pandemic

In recent days, many people who have never done their estate planning are now realizing that it should be a top priority.

We are in the midst of a worldwide pandemic. 

In the unfortunate instance that you or your loved ones become ill with Covid-19, you should have a Medical Power of Attorney on hand.

If you are going to create a medical power of attorney, you should also complete a will.

However, executing a will during a pandemic can be tricky. To finalize your will in Oklahoma:

you must sign or acknowledge your will in front of two witnesses.
you must declare that the document you are signing is your will, and
your witnesses must sign your will in front of you. Oklahoma Statutes § 84‑55.
your witnesses must be disinterested parties, or, they do not stand to inherit anything in the will.

We hope that the worst of the pandemic is behind us. Some law firms may soon begin to allow clients to finalize their will in the law office along with the proper witnesses. Whatever the case, please be certain that your will is executed according to Oklahoma law so that it will be allowed into probate.

5 Essential Estate Planning Documents

Here are are the five estate planning documents that are essential to have in place during the pandemic.

Will. A will directs the distribution of your assets after your death and can appoint guardians for minor children. If you die without a will, Oklahoma state law will decide who gets your assets, other property, and who will be the guardian of your minor children.
Living Will. A living will is a medical advance care directive. This document will tell your loved ones the type of medical care you want should you become terminally ill or are not able to give instruction yourself. 
Healthcare Durable Power of Attorney. Also called a healthcare proxy, this document will allow you to name someone to make healthcare decisions for you if you become incapacitated for any reason.
Durable Power of Attorney for Finances. This document gives someone the authority to manage your financial affairs for you, should you become incapacitated.
HIPPA Authorization. This is a release for the federal Health Insurance Affordability and Accountability Act. This allows you to name loved ones to receive your medical information just like you would. This will help them make medical decisions in their best interest. 

In the state of Oklahoma, there are specific rules that must be followed for these documents to be fully executed and admissable in probate court. The last thing you want is for you to complete your estate planning yourself, then not execute and finalize the documents according to law. Those documents will not be admissible in court and the judge will proceed as though you passed away intestate, or, without a will.

If both you and your spouse fall ill at the same time, you may consider having more than one agent who can act in your best interests. Consider all of your options at this extraordinary time. Kevin Miller has extensive experience in estate planning for Oklahomans. He will help you identify any special considerations that you may need to address in your planning. Contact the office of Kevin Miller to set up an appointment.

If both you and your spouse fall ill at the same time, you may consider having more than one agent who can act in your best interests. Consider all of your options at this extraordinary time.