If you live in the United States and really want to be prepared for coronavirus, experts say you need a fully executed power of attorney, which designates a trusted person to take over your finances should you become incapacitated.
FILE PHOTO: People hold hands as they walk along the river Main during a partial lockdown in Frankfurt, Germany, March 23, 2020, as the spread of the coronavirus disease continues. REUTERS/Kai Pfaffenbach“It always felt expensive, and it’s not fun to think about your mortality,” said Heidi Schoeneck, a 47-year-old divorced mom from Connecticut, who recently completed a will online and plans to heed the warning to get the rest of her paperwork done.
“You’d have to have the person declared incompetent, and that requires a judge. In the short-run, there’s nothing you could do,” said Michael Walsh, CEO of Cariloop, a service that helps families coordinate caregiving. A full set of documents, with a will, power of attorney and advanced directives could run from $1500 to $3000. A single power of attorney should cost less.
For a simple power of attorney form, FreeWill co-founder Jenny Xia Spradling said it should take about 20 minutes. Depending on the rules of your state, you can execute the document with electronic notarization, or if you need two witnesses, you can ask neighbors with proper precautions.
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