By Team Tomorrow
Published October 7, 2021
It’s October 2021, and the pandemic is not over. As much as we wish it were.
In the South, the Delta variant appears to be on a downward trend — at least temporarily. But it is still on the rise and pushing hospitals past capacity in many parts of the country, making it difficult to access care whether you have anything from COVID-19 to a broken leg to cancer to appendicitis.
We also know that while vaccines work, save lives and are extremely effective, we should still also be wearing masks to protect our families, coworkers and neighbors.
As this dystopian reality continues to play out in front of our eyes, there has never been a more urgent time to get your estate planning and plans for medical emergencies in order. More than ever, we do not know what tomorrow will bring. Here are five financial and legal tools to prepare for the unknown today.
If you’re thinking, “I’m not rich. Why would I need to worry about estate planning?”
Let us introduce you to your new best friend: Life insurance.
A healthy life insurance policy can help you provide for your family in case of the worst, even if you don’t make enough money to build a meaningful nest egg in the here and now. Life insurance policies are incredibly affordable: Many people can get sufficient coverage for as little as $25/month.
Of course, life insurance policies can also serve you even if money is not an issue. It can provide a steady stream of income after your passing so your family can save other parts of your estate for further down the road. Apply for life insurance.
If you do not have a legal will when you pass, you do not get a say in how your estate will be divided. Instead, your estate will be divided according to the default laws of your state and the discretion of a probate judge.
Luckily, setting up a will is easy and free when you use Tomorrow.
Even if you have a will, your estate will still have to go through the probate process. That means months to potentially years of court deliberations, all of which costs you money, opens your intentions up to debate and delays your family’s ability to access the money you meant to provide for them.
You can avoid the costly probate process by setting up a trust to work in conjunction with your will. The distribution of your assets will be decided by the person you name as trustee rather than a probate judge. And your family will be able to access the funds immediately rather than waiting for the courts.
Trust-based estate planning is something we at Tomorrow can help you take care of today.
If you fall ill and take a turn for the worse, you may not be able to make medical decisions for yourself. By establishing a Healthcare Directive using the Tomorrow app, you can authorize a family member, friend or caregiver you trust to make decisions on your behalf.
Unfortunately, the nature of this virus means that multiple family members can be suffering at once. If you are unable to make decisions about the care of your child, having Medical Consent set up through Tomorrow can allow you to transfer that power to a family member, friend or caregiver you trust.