COVID-19 and Estate Planning Considerations Being Prepared Benefits Your Family

stockfresh_5401095_money-jar-with-retirement-label_sizeS-300x200COVID-19 is focusing people’s attention on what will happen after the pandemic has faded away. Many wonder what the future will hold and how the new normal will affect their lives. A smart person should look at the coronavirus quarantine as an opportunity to address financial issues. Estate planning is an activity everyone keeps putting off, but now is an excellent time to think about it.


Estate planning is not something that only those approaching retirement must do. Younger employees, especially those with small children, ought to be investigating estate planning. There are documents such as last wills and powers of attorney that require deliberation, but the finances of an estate are necessary.


A challenge that confronts people is a lack of knowledge about assets and long-term finances. Too many employees view financial wellness as a paycheck to paycheck phenomenon. They need to take the states seriously, but they do not know what to do. Countrywide Pre-Paid Legal Services has a program that will assist people in preparing for the future.


Using Professionals to Develop a Blueprint


The keystone of our services is advice from seasoned professionals. Countrywide has a nationwide network of certified counselors who deal with everyday financial problems. These are people who understand the importance of estate planning and what building blocks are necessary to create a substantial estate.


Our counselors are provided with the tools needed to assist a financial wellness plan member. An immediate concern for any estate is the assets. These can include property, collectibles, financial securities, and life insurance. Some people have no idea what it is they own, and an asset inventory helps. The Countrywide counselor will conduct an asset inventory, and this provides incredibly useful information but there is more.


What does a family need to survive the death of a loved one? A plan member ought to know what the ordinary expenses are of his or her family. That way, attempts can be made to cover those expenses by perhaps buying more life insurance. Planning for future expenses such as college tuition can done.


A budget analysis performed by a Countrywide counselor clarifies the current expenses and how to use that information to project in the future. The estate should adequately cover mortgage payments and long-term loans. Assumptions can be made about the family’s financial needs in the future. This allows a financial wellness plan member to make necessary changes and anticipate what needs to be in place to guarantee financial wellness after the plan member has passed away.


A Great Opportunity for an Employer


Organizations need to recover from the quarantine as soon as possible. Employees are going to be called upon to be more productive than they were before. An employee benefits program can be an incentive to make a person go one step beyond the ordinary. A financial wellness plan can be a strong motivator.


Having such a benefit lets employees know that management takes their welfare seriously. We have several benefit options, such as managing student debt, dealing with medical expenses, and other areas where advice is going to help. Our benefit lets employees know that the organization wants to help them recover from any financial straits. Hard-working people will work even harder because of it.


Employers decide what benefits will be in the financial wellness plan. We back up the decision with a streamlined administration that provides quick service. Our counselors are familiar with social distancing and will accommodate plan members who are seeking advice. We do everything possible to make our services convenient and efficient.


If you have any questions about Countrywide and our benefits, please feel free to contact us at your convenience. We would appreciate the opportunity to be of service to you in these challenging times. We have the services your employees need.