Estate Planning During COVID-19

ESTATE PLANNING DURING COVID-19

Financial Design Studio Presentation – HEATHER WALSER, PARTNER AT LAVELLE LAW

NO ESTATE PLAN IN PLACE

• If you become incapacitated or die with no estate plan documents in place, COURT intervention is required.
• Guardianship court appoints someone to make your medical and financial decisions.
• Probate court distributes your assets to your heirs according to IL law.
• Illinois courts are basically closed until at least 5/18/20.
• “Emergency” motions only.  What counts as an emergency??
• In our office, we are getting notices that non-emergency matters are being rescheduled for JULY.
• PROBLEM   Family members and dependents will not be able to get immediate access to assets/funds they rely on.

COMPLETING ESTATE PLAN DOCUMENTS NOW

In Illinois, certain essential estate plan documents must be signed in front of witnesses and a Notary Public.

• Will 2 uninterested/unrelated witnesses + Notary
• POAH 2 uninterested witnesses; cannot be family or healthcare worker
• POAP 2 uninterested witnesses + Notary
• Trusts Do NOT need to be witnessed/notarized

What can we do to fix it?

3/26/20 Executive Order allows video witnessing.

• HUGE change in the law.
• Requires two-way, contemporaneous visual communication.
• All parties must be physically present in Illinois.
• Electronic transfer of all signed documents w/in 1 day, then 24 hrs.

Drive Up Signings at our office allows for physical distancing during signing.

Preparation of documents can all be remote (via phone, video conference, email).

ALTERNATIVE OPTIONS

• Trusts do not require witness/notary.
• Beneficiary designations on all accounts, pointing to trust.
• Work with financial advisor to name POA on each account, if possible.