The most common phrase I hear is, “I need to do estate planning. I just haven’t gotten around to it.” Whether you are creating your estate plan for the first time or your current plan needs a review, you now have a round “TUIT.” With the end of the year upon us, this is the right time to get organized for 2018.
There is no federal law regulating access to digital properties as of now: however, many states have established estate planning laws or legislation for protecting the digital assets of people when they die. In California, the law named “the Uniform Fiduciary Access to Digital Assets Act” is active since January 1st, 2017.
An estate planning attorney must have several positive attributes. For many people, their estate is relatively simple with the majority of their assets going to family members. If you have a large estate, the complexities may make it more difficult to plan effectively on your own.
The reason a last Will and Testament is important is because it clarifies who takes possession of assets owned by a person after their death. Without a will, unresolved confusion and tension may occur within a family.
While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the assets to which they are entitled.
When establishing a trust, you need to give serious thought to choosing your successor trustee—the person who will administer your trust once you’re no longer able to do so. This individual ideally should be:
A pet trust is an excellent way to make sure your beloved pet will receive proper care after you pass on. The problem, of course, is that you won’t actually be there to see that your wishes are carried out. It’s critical to set up a pet trust correctly to ensure there are no loopholes or unforeseen situations that could make your plans go awry.