In part 1 of this post, we talked about the importance of taking inventory of your digital assets and making long-term decisions about what you want to happen to each one, either before or after your death. We also discussed the kinds of digital assets that people have, some with monetary value, others with sentimental value and some with private content. Obviously, there are many personal considerations when you make decisions about this kind of property.
In developing a comprehensive estate plan, one major issue is to see that your family members or the personal representative of your estate will be aware of the scope of your digital assets. Otherwise, they would not know where to look beyond the usual resources like photos on a mobile phone or a personal email account.
While caught up in divorce proceedings, it is easy to forget the importance of updating your estate plan. While it is likely that your spouse was the main beneficiary and fiduciary (person given legal responsibilities in your affairs) in your estate plan, it is unlikely you would want this to continue after the marriage ends.
A key decision when writing a will is the choice of who will serve as the personal representative of your estate after your death. The role of the personal representative – also called an executor – is to administer your estate, including wrapping up your legal and financial affairs, paying bills and taxes, settling disputes, gathering and inventorying your assets, transferring property and more, all through the probate process in state court.
Most people have a broad idea of how they want their estates to pass to others after their deaths. For example, it might make sense for a particular individual that most assets go to a surviving spouse, to surviving children or to a charity. But what about individual gifts of personal property?
Your estate plan may use a variety of documents like a will or trust to transfer property to others or for the benefit of others during your life or at death. One way that assets can transfer is through a beneficiary designation on particular kinds of accounts or instruments that pay out to your beneficiary upon your death. These assets are called pay-on-death or transfer-on-death accounts.
A will is probably the part of an estate plan with which Coloradans are most familiar. Today we will talk about how a will can help with the orderly winding down of your affairs after your death in the way that you direct.
The divorce rate amongst those over the age of 50 is on the rise. This poses a unique set of issues, including the impact of the divorce on estate planning. Three specific ways divorce can impact estate planning considerations in these situations include:
Putting together an estate plan can help to reduce the risk of conflict when it comes time to manage a loved one’s estate. The creator’s plan can provide loved ones with guidance on the distribution of the assets within the estate.
Part of a comprehensive estate plan is coordinating your account beneficiary designations with your will, trusts, gifting and other estate planning techniques. In other words, when you do your 2020 estate plan checkup, you and your attorney should sit down and look comprehensively at the wider picture of your wealth that includes life insurance, annuity and retirement account beneficiaries that you have designated.