Jill on Money: The state of post-COVID-19 estate planning

When listeners come on my radio show or podcast to discuss their financial questions, they know that at some point in the conversation, I will ask about their estate documents. It does not matter whether it's a young person, an older one, single or partnered, parent or childless.

As we approach National Estate Planning Awareness Week (Oct. 17-23), I thought now was a good time to nudge everyone about the importance of this topic.

A 2022 caring.com survey found that just 33.1% of adults in the United States have a will.

Amazingly, after facing sickness and death amid the COVID-19 pandemic, a staggering 66% of Americans still do not have a will or any other estate planning documents in place. I know that it's just hard to contemplate illness, death and money, the trifecta of emotional issues. But if you can walk through the process methodically, you will be rewarded with peace of mind for you and your family.

Here are the most common estate documents to consider:

Even with a Health Care Proxy, you may need to complete a "Do Not Resuscitate" order, which instructs health care providers not to perform CPR or other lifesaving emergency procedures if your heartbeat or breathing stops. A lot of people use a Living Will to communicate their end-of-life wishes, but in many states, you cannot use a Living Will to name a health care agent; you must complete a Health Care Proxy form.

As you prepare for the meeting (or the online session), remember that this process is a gift to your heirs — something that will help them manage the disposition of your estate without extra hassle. That said, you will have some homework, including gathering the following:

• Bank, brokerage, and retirement accounts;
• Pension/annuity documents/contracts;
• List of savings bonds;
• Life insurance policy details (private and through the employer);
• Housing, land and cemetery deeds;
• Mortgage accounts;
• Proof of loans made;
• Location of safe deposit box(es);
• Accountant/CPA/investment/insurance adviser contact information.