During the past four months, more than 141,000 Americans have died of COVID-19.
Anecdotal evidence suggests that the pandemic has prompted some people to get serious about creating or updating their estate plans, according to Christine Benz, Morningstar’s director of personal finance.
Benz underscores the importance of ensuring that key estate planning documents are in place — first and foremost, a will, an advance directive (or living will), powers of attorney for health care and financial matters, and guardianships for minor children. Trusts may also make sense in certain situations.
But advisors can also help clients consider other, sometimes overlooked add-ons in the context of their estate plan, especially if their goal is to make life as easy for your loved ones as possible and to ensure that their wishes are carried out after death.
Check out the gallery for Benz’s seven items that can be added to a client’s estate plan.
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