Worcester Estate Planning Lawyer Polly Tatum Explains Implications of the Pandemic on Estate Plans

The estate planning landscape changed drastically after the onset of the coronavirus pandemic. Over nearly the last two years, Worcester estate planning lawyers adapted to find new ways to serve clients. In some ways, these changes are here to stay.

Polly A. Tatum, a Worcester estate planning lawyer at The Law Office of Polly A. Tatum, discusses the implications that the COVID-19 pandemic has had on the process and what the future may hold.

Asset Preservation Sits Center Stage

Many people concentrated their efforts on asset protection and preservation techniques throughout the pandemic. 

Numerous strategies were used in these situations, including the more common, such as gifting to spousal lifetime access trusts, forming a limited liability company to hold family assets, and incorporating irrevocable trusts as owners of the entity for added protection; and even less common strategies came to the forefront, such as self-settled asset protection trusts. Every situation is unique, and there is no one-size-fits-all solution.

Video Conferencing Is Here to Stay

Although we have not yet mastered the metaverse or teleportation, we have video conferencing tools like Skype for Business, Slack, and Zoom. Worcester estate planning lawyers’ use of video conferencing is comparable to the recent surge in telemedicine; professionals can now provide in-home care for patients and clients.

However, video conferencing is new to many people, and there are several technical and psychological challenges. Simultaneously, it may be challenging enough to conduct a video conference with an existing client. When meeting with prospective or new clients via video conference, the challenge of connecting exponentially increases.

Remote Notarization and Witnessing

The estate planning document execution process is one of the few genuinely formal processes remaining in this era. Historically, the execution of wills and powers of attorney required the presence of the clients, legal team, witnesses, and a notary in the same room. That requirement was quickly put to the test when various states began issuing stay-at-home orders during the pandemic.

While this situation could have resulted in the delayed execution of estate documents, clients wanted peace of mind knowing that their affairs were in order. Worcester estate planning lawyers and applicable state laws had to adapt quickly to life during a pandemic, allowing for the signing, witnessing, and notarization of estate planning documents while not all necessary parties were physically present.

Braving an Uncertain Post-Pandemic World

At this point, the pandemic’s end is uncertain. However, the changes it has wrought in daily life are noticeable and may persist long after the pandemic ends. The role of the estate planning professional is to adapt to their environment to serve their clients best.

For the foreseeable future, the current environment may serve as the new normal. Priority is given to addressing the unique needs of each individual. Clients must also adapt and rely on modern technology such as video conferencing. Even after things return back to “normal,” it will be normal to feel uneasy about meeting in offices, likely extending the duration of the use of virtual meetings.

Similarly, as people gain comfort with technology, their hectic schedules may dictate that virtual client meetings become more prevalent. Again, remote notarization and witnesses are permitted. Worcester estate planning attorneys have adapted to become accustomed to remote notarization and witnesses, and many states’ current executive orders regarding this may become permanent law.

The world is changing due to the pandemic, and so has the estate planning world.