Designated Beneficaries. Primary beneficaires. Contingent Beneficiaries. Payable upon death beneficaries. transfer on death beneficaries. Estate is the beneficiary. Joint Tenancy with rights of survivorship.
Earlier this month, California Governor Jerry Brown signed into law a very broad statute that protects digital privacy rights.
Called the Electronic Communications Privacy Act, it does not allow any law enforcement agency to force a business to turn over any metadata or digital communications without a warrant. The new legislation seems to be the most comprehensive in the United States.
Here’s an article from Slate we found that provides lots of details about the new California law.
You may have thought that setting up a joint or a pay on death (POD) account or property with one of your children would be a good idea. By titling the account or property in both of your names, your child would avoid probate and could easily gain access to the asset. However good it sounds, it may end up creating problems.
Here are three things that may happen.
1) If you have more than one child and only list one child’s name, when you die that child will inherit the entire asset. The other children will receive nothing. If the inheriting child decides to be nice and share with his or her siblings, those siblings will probably have to pay additional taxes on what they are given.
2) If you have a joint account with one of your children and that child gets divorced or a lien is placed on his property, the asset you own jointly may be seized in any settlement.
3) If you name a child on a POD account and that child is still a minor when you die, a court-supervised guardianship will need to be set up until his 18th birthday. At that time, the child will receive whatever is in the account.
Before you make decisions about whether to title any of your accounts jointly with one of your children, you might want to speak with an attorney.
For more information about this and other important topics, go to www.diesmart.com.
You bet it is. In fact, the Australian government recently announced that pension applicants must declare their cyber currency such as Bitcoin. “By including Bitcoin and other digital currencies on one of its standard forms”, the Australian government is recognizing that these are definitely a form of wealth. Many countries are still wrestling with where digital currency fits but Australia has accepted it as part of mainstream finance. If you have cybercash, make sure you are considering it in your estate planning and are not letting it get lost in the confusion about what to do with digital assets. It’s real money and you should treat it as such.
For more information about estate planning, go to www.diesmart.com.
Facebook recently announced that they have changed their rules related to memorializing the account of a deceased person.In the past, Facebook determined who could see that memorialized page.Now, the changed rule says that the memorialized page can be seen by the same people as were able to see the page of the living person.In other words, the decisions made by that person will be honored after his or her death.
Once the account has been memorialized, there can be no modifications to the site.No friends can be added or deleted, no photos can be modified and no content that was posted by the site owner can be removed.However, if the privacy settings set up by the deceased allow this, friends may be able to share memories on the memorialized timeline.And anyone can send private messages to the deceased person.Why someone would want to do this, I don’t know.However, it is now allowed.
If you wish to memorialize a loved one’s Facebook page, the place to get started is with the request for memorialization form.You will be asked for a link to the deceased’s Facebook page.You will also be asked your relationship to that person, his or her year of death and proof of that death, i.e. a link to an obituary or news article.
Once Facebook has reviewed and approved the submission, the page will be memorialized.
To read more about social media accounts of the deceased, go to www.diesmart.com.
Julie Garber, in her weekly blog, wrote about another person who did it wrong.When actor Paul Walker died in a terrible car crash on November 30th, 2013, he left an estate estimated to be worth at least $45 million.However, he had done no estate planning and left no will.He was only 40 years old and probably thought he had plenty of time to get his affairs in order.His parents, ex-wife and girl friend of seven years are now fighting over who should inherit.
According to California intestate laws, the entire estate should be inherited by his daughter, Meadow.Since she is only 15, someone needs to be responsible for managing to estate until she turns 18.Her mother is her guardian but is not necessarily the one who will control the money on her behalf.Since her parents believe they should manage the estate, the case will have to go to probate court.
And what about his long term girlfriend, Jasmine?She won’t see a penny.
Have you done estate planning?Is all of your paperwork in order?Or are you, like Paul Walker, leaving a mess foryour loved ones?