The Strobl Sharp law office is open and is committed to providing a safe environment for our clients and employees. We are staying abreast of COVID-19-related executive orders and legislation at the federal, state and local levels and their effect on you and your business.
Due to concerns over COVID-19 and particularly with respect to certain high-risk populations, there is an increase in inquiries regarding estate planning. If you have already completed your estate plan, it is a good time to review your estate plan paying particular attention to 1) the persons you have named in fiduciary roles and 2) whether assets have been properly funded to trust, or if no trust planning, have accurate beneficiary designations. If you cannot locate your estate planning documents, please contact the law firm who prepared them to obtain a copy.
If you have not yet completed your estate plan or have changes to your existing plan, now is an opportune time to start the process. Great progress can be made on the phone, via Zoom, or at a social distance. The Governor has also issued an executive order that grants full legal authority to documents notarized and/or witnessed remotely pursuant to approved procedures through August 31, 2020, which may be further extended.
Estate planning is important at all stages of life, if you are a new parent, implementing a plan will allow you to name a guardian and conservator of your minor children, should you be unable to care for them. If you are a business owner, implementing a plan will provide peace-of-mind that your business will be handled as you set forth in your plan if you are no longer able to run it. If you are nearing or at retirement age, having a plan in place will help you organize your assets and assist you in understanding how to best pass your wealth to your loved-ones or to charity.
In addition to your own estate planning it is important to consider basic planning for your children once they have reached age 18, when they are legal adults and parents no longer have the parental right to make decisions for them nor access their health care information. Encouraging them at a minimum to execute medical and property powers of attorney allows their named agent immediate access to medical information and responsibility for their care without court involvement.
Strobl Sharp is a team of experienced and trusted lawyers that can advise on all matters relating to trusts and estate planning and administration in Michigan, and in particular during this time of COVID-19. For more information, visit Strobl Sharp online at www.stroblandsharp.com or on LinkedIn.