1. Plan Ahead. Of course, all planning depends upon your individual circumstances. The current difficult circumstances are freeing up some time and we’re taking the opportunity to focus on our goals and planning. Perhaps you are too.   Ensuring that your affairs are in order may help minimize the stress of the current pandemic on you and your loved ones, both now and in the future. Now more than ever it’s important to think about and address planning for your family and future.
  2. Disability Planning. If you don’t have up to date powers of attorney, get them. Everybody should have a financial power of attorney and health care directive (i.e. medical power of attorney) regardless of age, wealth or health.
  3. If you have existing documents, make sure they are up to date and reflect your intent. The following questions should be addressed:
      1. Are your documents up to date and ready to be used? Do your documents comply with Maine law?
      2. Are the fiduciaries named in your documents still appropriate choices? Are you confident they will be able to carry out their duties efficiently and properly?
      3. Does your advance healthcare directive still reflect your current wishes with respect to end of life care? Does your doctor and agent(s) have a copy?
      4. If you have minor children, have you designated a guardian to take care of them if both you and your spouse become ill or die?
      5. Have there been any major changes in your life necessitating a review of your estate plan?
  4. Location of originals? Is this firm holding your originals or are you?  If you are storing original estate plan documents in a lock box or safe deposit box, do your fiduciaries have access to the documents, or at least a reasonably easy way to gain access? Prepare an inventory of the documents and their location if you don’t already have one and make sure you share it with your fiduciaries. You can utilize the form lists we have posted on our website – see #6 below.
  5. Asset titling and beneficiary designations. Are your beneficiary designations on your retirement accounts and life insurance up to date?  Are your assets titled properly? Joint ownership avoids probate but may not be appropriate for your circumstances.
  6. Create list of passwords and digital information and organize your affairs. We recommend using “The Big Book of Everything” or “Estate Planning Organizer for the Family” – both of which are available on our website under “Resources”: http://www.mainestatelaw.com/resources/
  7. Options for signing new or revised estate plan documents. As of the date of this post, Maine does not permit online notarization, and electronic wills are not permitted in this state either.  There are developments in the pipeline to permit electronic notarization and we will look to update this post when and if that occurs.  Under current law powers of attorney and wills needs to be signed in the presence of witnesses and ideally should be notarized to bolster their enforceability.  We have been using several ways to ensure signings are accomplished that adequately protect everyone’s health. We will customize signing methods on a case-by-case basis, taking your circumstances into consideration.  All questions and revisions to documents must be addressed ahead of time to expedite the signing process as much as possible.  Additionally, all signings will adhere to social distancing guidelines published by government authorities (e.g. 6-foot distancing) to the extent feasible.  We have outlined some options for signing that we believe can be used going forward (subject to change based on legal developments and published government guidelines).  If you are not comfortable with any of these options, we fully understand.  Regardless, it is advisable to do the legwork now so they can be signed when it is safe to do so.
      1. Signing at our office. We have a conference room that is fully disinfected both before and after the signing. All door knobs and surfaces at our office are also properly sanitized.  Signors would enter the conference room, sign documents that have been laid out in front of witnesses, and immediately depart.
      2. At your home. We can arrange to come to your home.  It may be advisable for individuals to witness the signor(s) through a window or sliding glass door to prevent any unintended transmission.
      3. Drive up in your car. We can facilitate “drive through” signings.
      4. Sign on your own with instructions from our office. If you’d prefer to arrange for signing and witnesses yourself, we will provide detailed instructions.
  8. Family Members in Need. Is this an appropriate time to make loans or gifts to children or others? There are tax and other considerations to both.  Documentation should be prepared to avoid misunderstandings, a potential for conflict in the future, or a distortion in your estate planning objectives.
  9. Special considerations for assets under fiduciary administration. Are you a trustee or beneficiary of a trust?  Are you an agent currently managing someone else’s assets pursuant to a power of attorney?  Fiduciaries need to keep in mind (and in some cases may need to be reminded!) that they have a binding overarching duty to manage assets in the best interests of the beneficiaries.  Market conditions are volatile and assets must be monitored.  Advisors should be consulted as needed to assess options and manage risk appropriately.
  10. We are working remotely. In light of the recent government directives, some of us are working remotely. We do have someone in the office during all business hours but In-person meetings are not advisable at this point or legal unless absolutely necessary.  We have the capacity and can easily make arrangements to meet with clients telephonically or virtually by video conferencing.
  11. Here is a bullet point 4 step process for getting a simple estate plan in place.
      1. Call or email and set up consultation with an attorney. The office number is 207-721-0622 and emails for Todd and Jim are sls@mainestatelaw.com and jes@mainestatelaw.com
      2. Discuss your situation with the attorney on the phone or via video conferencing.
      3. Attorney revises or creates your documents as needed. You review drafts and provide any needed feedback.
      4. Sign documents – more on this as developments unfold.

 

We are all in this together.  The firm is here to help in any way we can.  Wishing you all good health and safety.