The coronavirus crisis has cascaded through pretty much all areas of the financial world, leaving very few businesses unscathed. Uncertainty has always been the enemy of financial stability, and unfortunately, foundational questions about how long the recovery will take and what the future will look like post-crisis do not have clear answers. Understandably, this is a cause of worry and concern for many.
A recent scientific report elevates social isolation and loneliness to the level of health problems, associating them with a significantly increased risk for early death from all causes. Of course, social isolation and loneliness can become more common with age. The arrival of the novel coronavirus will almost certainly make the problem worse.
Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.