Tag Archives: trust

What’s your most important password?

passwordsYou may guess it’s the password to your online bank account, to Facebook or to a shopping site.  Those are all important but there’s one that it’s critical you share with a loved one.  It’s the password to your email account.

Why is this so important?  When you die, your loved one or executor will try to access all of your online accounts so that they can close them down or, if necessary, continue their use.  For example, they may want to shut down your account on Amazon since you won’t be doing any more shopping.  Or, if you pay your utility bills online, they may want to continue to pay them until they sell your home.

You may use the same login information and password for all of your accounts but chances are that you have several different ones.  However, most of the accounts have a system that will enable a user to recover a forgotten login or password.  The user just needs to know how to access the email account linked to that other site so he or she can recover the information when it is sent out.

Although it is not strictly legal for you to share your password and login information, it is the easiest way to ensure that when you’re gone, your executor will be able to easily access your information and settle your estate.

For more information about digital estates and the steps you should take to be sure you have included them in your planning process, check out our book “Access Denied ” or go to our site www.diesmart.com.

Do presidents forget to write their wills?

LincolnEven though more than 50% of US citizens still don’t have a will, you’d think that the presidents of the United States, with all of their legal advisors and staff, would definitely have protected their property by preparing one.

Not true – Abraham Lincoln, Andrew Johnson, William Garfield and Ulysses S. Grant did not!

Two presidents who did leave wills freed slaves in them. George Washington left his entire estate to his wife Martha. He requested that, upon her death, all of their 317 slaves should receive their freedom.

Thomas Jefferson actually freed some of his slaves in his will – 3 older men who worked for him for decades and two of Sally Heming’s four children.

Most other presidents left fairly standard wills, leaving their assets to family members, though a few left special bequests.

Richard Nixon bequeathed his personal diaries to the Richard Nixon Library and Thomas Jefferson gave his friend and former president James Madison his gold-mounted walking staff.

Regardless of what presidents have or have not done, you should definitely consider getting a will prepared today. Otherwise, the government will decide what happens to your assets, not you.

For more information about wills and other end-of-life planning, go the www.diesmart.com.

An important holiday gift

present-clipart-Present-Clip-Art-932As we approach the end of another year, it’s a good time to have an important discussion with your family and other loved ones about what will happen when you die. It may be uncomfortable but it’s a gift you should give them before any more time passes.

You should tell them about your estate plan – not necessarily all of the details but where it can be found, that it is up to date and who you have named as your executor. The estate plan should, at a minimum, include your will and your advanced directive; it might also include a trust, a healthcare proxy and a durable power of attorney. You should reassure them that the plan is current and reflects your wishes at the present time. (If it doesn’t, you should get it updated immediately.)

Another critical thing you should discuss is your digital assets. If you pay your bills and conduct other financial transactions online, your executor should be able to access your accounts. The only way to ensure that this is possible is if you leave a list of your passwords for all of them.

You should make sure they know about any accounts that have beneficiary designations and that those designations are up to date. Otherwise, someone who is no longer in your life may inherit from those accounts rather than the person you really want the funds to go to.

Finally, you should discuss with your family and other loved ones your end of life care wishes. It’s not a pleasant topic but you should not burden them with having to make decisions which may not agree with what you would have wanted.

This is an important holiday gift that you should give to your loved ones this year.

For more information about making a digital asset inventory and other end of life decisions, go to www.diesmart.com.

 

5 ideas to consider when doing estate planning

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If you have a spouse and family, you’ll probably leave everything to them.  However, if you don’t have a spouse or kids and you’ve been procrastinating doing your estate planning because you’re not sure what to do about all of your stuff, here are 5 ideas you should think about consider.  We found them in the Rapid City Journal.

  1. Consider leaving something to close friends, caregivers or anyone else who you are close to.
  2. Think about charities that are meaningful to you.  What organizations have goals that match your own?
  3. Think about where a donation could benefit your community.  There are places like libraries, volunteer fire departments, arts organizations that would welcome some extra funds.  What about giving a piece of art to a hospital or buying a park bench?
  4. Build relationships with people who share your interest in collections of antique, tools or other items.  Then you can pass along your collections to people who will appreciate them and remember you.
  5. Don’t wait until you’re gone.  Consider donating collections to museums or giving personal possessions that you value but don’t necessarily use to someone who would appreciate them.

For more information about estate planning, go to www.diesmart.com.

Common mistakes when writing a will

Business ClipartEveryone is going to die; that’s a fact.  And everyone should have a will.  That’s another fact.  If you die without a will, the probate court will decide what happens to  your assets; you won’t.

My father died about 15 years ago.  He left a will he had prepared himself, typed on his old electric typewriter and had a few friends sign as witnesses.  I don’t know how he decided what to put in the will and the wording to use.  All I know is that after he died, when I tried to probate the will, there were some problems with it and it took a while to get them resolved.

If you don’t want to go to an attorney to have a will prepared that you know will be written properly, you should at least be aware of some common mistakes that you should avoid.

I recently came across a blog on findlaw.com that clearly describes 10 of the most common mistakes.  You should definitely read it so you don’t make the same mistakes my dad did.

For further information about wills, trusts, probate and end of life planning go to www.diesmart.com.