The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world.
The coronavirus has infected over four million people around the world, including over a million in the United States. Over 100,000 people in the United States have lost their lives. Governments around the world chose to shut down their economies thinking this would help control the outbreak. Here in the United States, it was no surprise that this action disrupted countless lives as the unemployment rates soared to levels not seen since the Great Depression.
It seems guidelines from the CDC are shifting daily. Only two actions seem somewhat consistent – wash your hands and maintain social distancing. People can also shelter-in-place to reduce their chances of catching the coronavirus. Coronavirus is far from the only risk out there. People still have heart attacks, strokes, cancer, and other diseases. In fact, life is a terminal illness. We are all mortal. So, it’s best to prepare for the inevitable.
Unfortunately, things can happen unexpectedly. Here’s a story based on many true cases:
Mary and Jake had been together for decades and had several children together, Amy, Betty, and Charlie.
The problems started when both Mary and Jake became incapacitated. Their children couldn’t agree on what to do for their care. All three children loved their parents, but they had differing views on what should be done. Since Jake and Mary hadn’t selected someone to act as their agent to make decisions for them, the children were left to squabble amongst themselves.
As their conditions deteriorated, the problems continued. Amy lived in the house owned by Mary and Jake and refused to move out. Betty had been on a checking account with Mary and Jake and continued writing checks on their account, including checks for her benefit. Mary and Jake owned a car, which Charlie would drive, including home from the bar.
Amy, Betty, and Charlie knew what the other two were doing and didn’t approve. They stopped speaking with each other.
Mary and Jake died within days of each other. They had given any thought to planning in the event of their disability or death, including arrangements for the funeral. Amy, Betty, and Charlie had a very difficult time coping with Mary and Jake’s deaths and the ensuing funerals. The three of them were not there for each other. The relationship between and among the surviving children was fractured. Mary and Jake’s affairs wound up in probate court to resolve who got the assets. The relationship among the siblings remains fragile, even non-existent between two of them. It may never heal.
It takes little time to plan, but it can save years of family fighting. It can bring families together or rip them apart.
Planning ahead has many benefits, including possibly saving money in probate fees or taxes, but perhaps the most important benefit is the family harmony it can promote.
Now, perhaps more than ever, it is important to do your planning.
This pandemic is difficult, but we can get through this…together!
Call Parman & Easterday at (405) 843-6100 to schedule your phone consultation.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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