Planning to protect assets: Now is the time to update wills and medical directives

Coronavirus

RICHMOND, Va. (WRIC) — None of us can predict how COVID-19 will affect us or our families, but there are things that you can do right now to protect your loved ones and your assets.

Legal experts recommend discussing financial and medical wishes with family and dependents regularly to keep wishes up-to-date. Having these conversations is a responsible way to prepare for all scenarios, especially during a pandemic.

“It’s the kind of thing that’s always a good idea for everybody to have the conversations,” said 8News legal analyst Russ Stone.

“It makes things easier for your loved ones if something were to happen,” Stone explained.

According to Stone, there are three main topics to discuss: wills, advance medical directives, and life insurance policies.

“Particularly when you’ve got something like this going on where there is a greater concern and a greater risk frankly it’s a good idea to sit down and just think about, ‘this is what I would want if the worst were to happen and this is where I’m gonna keep the paperwork that shows that,” Stone said.

After having these conversations and documenting these important decisions, Stone says be sure your family knows where you keep them.

“It’s preparation,” said Stone. “It’s just making sure that things are set up in the best way possible to make it as easy as possible for your loved ones.”

Here are some resources to make this process easier:

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