Toronto, Canada, March 26, 2020 --(PR.com
)-- According to Google Trends, searches for insurance increased by 58% in the week of March 15, 2020, when compared to the week of March 15, 2019.
In a matter of weeks, the COVID-19 outbreak has changed the world in completely unprecedented ways. Everywhere, people are attempting to take stock and recalibrate and one way Canadians are doing this is to review how assets and estates are impacted should a loved one become incapacitated or worse.
Whether you are facing a global pandemic or a smaller personal crisis, your estate plan should include at least six elements:
(1) Will (a document that spells out how assets should be distributed);
(2) Power of attorney (a document that states you can make legal and financial decisions on your behalf, should you become incapacitated);
(3) Beneficiary designations (assets, such as registered accounts, or policies, such as life insurance, will require you to name a beneficiary — the person(s) who receives the asset upon your death);
(4) Letter of intent (this is a letter that is left to your executor, the person responsible for sorting out your estate once you pass);
(5) Healthcare directive (like a power of attorney, only this document designates the person responsible for making health decisions for you, should you become incapacitated);
(6) Guardianship designations (typically found within a will, a guardianship designation allows you to state who is legally responsible for any dependents under age 18).
Because these decisions and the associated documents are part of a larger plan to protect and care for our loved ones, Zolo created a resource for those who wish to start or amend their estate plan during this COVID-19 crisis. The guide will help you determine:
*Whether or not you need to make a will and if an online will is sufficient;
*How your debts will be handled and how assets will be distributed if you become incapacated or die?
*How much it costs to die;
*Whether or not your health directive gives clear, legal instructions of your medical wishes, should you become unable to communicate your needs or desires?
*Whether or not you have or need life insurance?
*How to have a death dinner (to talk about your wishes);
*What families fight over after the death of a loved one;
*And how your digital assets are dealt with once you die.
To review the entire guide, go online:
Zolo is one of Canada's most popular online national real estate marketplaces. Each month, more than 9 million buyers and sellers start their real estate search using Zolo. As a tech-disruptor national brokerage, Zolo provides users the data and resources needed to make better-informed property decisions.
For more information or to schedule an interview, please contact:
Director of Content at Zolo and award-winning personal finance writer