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August 31st, 2020
How COVID-19 Affects Estate Planning Today
The pandemic has prompted many of our clients and friends to focus on their estate planning -- finalizing Wills and estate planning documents that had been in progress, or just getting the planning process started with a new sense of urgency. We welcome the opportunity to serve our clients and help them meet their planning goals. But many ask: How will we work together when there are so many obstacles to meeting in person?
Our firm, like many businesses, has been working remotely since March, with plans in place to continue remote work for the foreseeable future. From the perspective of a Trusts & Estates attorney, there have been changes to our traditional practice -- and a number of corresponding lessons learned.
Remote document execution. The biggest change to our practice has been the authorization to execute Wills and related estate planning documents remotely, instead of formal, in-person execution conferences. We have seamlessly replaced in-person meetings with Zoom calls, FaceTimes, and other video conferencing technology, and we have guided our clients who require assistance to understand and manage the technology.
In addition to remote document execution, we have also come to rely on e-mails and traditional phone calls to make up for the lack of in-person meetings. And optimal Wi-Fi and a good, all-in-one scanner/copier/printer are now home office necessities. All of these technologies provide us with the flexibility we need to continue to serve our clients effectively.
The newly virtual aspect of our practice does not appear to be going away any time soon. Currently, New York State Executive Order 202.55, issued August 5, 2020, which extended New York’s remote document execution procedures, is set to expire on September 4, 2020. Governor Cuomo’s initial Executive Orders 202.7 (audio-video notarization) and 202.14 (audio-video witnessing of estate planning documents) have already been extended several times during the pandemic, and we fully expect additional extensions. (Although we note that prior extensions have occurred on or about the expiration of current deadlines.)
If you have questions about the current state of remote document execution, or about other estate planning issues, please contact Barbara Shiers, Linda Wank, Adam Osterweil or any other member of the Frankfurt Kurnit Estate Planning & Administration Group.
Other Estate Planning Law Alerts
Increased Exemption for 2023 Creates Estate Planning Opportunities
The Federal estate, gift and generation-skipping transfer (“GST”) tax exemption amounts have increased in 2023 to $12.92 million per individual (up from $12.06 million in 2022). Read more.
February 6 2023
New York Extends Remote Notarization and Document Execution to January 29, 2021
By Executive Order 202.87 issued December 30, 2020, New York’s remote notarization and document execution procedures are extended through January 29, 2021. Read more.
January 12 2021
New York Implements Substantial Changes to Power of Attorney Law
On December 15, 2020, Governor Cuomo signed into law a long-awaited bill regarding New York’s Power of Attorney form, which will take effect in the summer of 2021. Read more.
January 6 2021
