During a crisis like COVID, many of us are dealing with health or financial issues. However, some families mistakenly believe that only those with older family members need to be concerned with planning and protecting family assets. But, protecting your family is important at any age, especially for those with younger children. Unfortunately, most younger families have not taken steps to ensure their family and household can continue, if the unexpected occurs. In this article, we discuss some of the steps you can take for family protection planning, right now.
If you are involved in an auto accident or succumb to a sudden health crisis, do your family members have an emergency contact list? Do you have a list of healthcare providers, medications, and allergies for each member of the family? Are these lists accessible to the members of your family who will need them, in an emergency, such as spouse, children, parents?
In today’s technology driven world, have you comprised a list of passwords for phones, computers, bank accounts, and other on-line applications? Who can pay the bills and keep the household running, if the primary bill-payer is incapacitated?
These are all simple tasks that can be compiled in a very short time. But, what if the illness is long-term and you need to move funds to pay the mortgage or sell a car or real estate? Then, you’ll need to have legal documents that allow you to act on behalf of the person who is incapacitated. While on-line platforms offer simple documentation, many families don’t find out until it’s too late, that these documents don’t provide them the access they need.
That’s why we have compiled a checklist for Family Protection Planning. You can review the checklist for preparedness and also determine what else you need to ensure your family protection planning is complete.
If you need additional guidance, seek out the Maryland Attorneys at Frame and Frame. We have been serving the legal needs of our community for over 65 years and can ease your worries and take the weight off your shoulders.