Digital Estate Planning

 Just when you think you've finished all your estate planning tasks... what about your digital assets? 

"Your digital life includes dozens of usernames and passwords. Providing a digital estate plan can help your family deal with your accounts with minimal fuss" according to Marguerita M. Cheng, CFP®

"State laws such as the RUFADAA (Revised Uniform Fiduciary Access to Digital Assets Act) offer the executor of an estate or attorney access to a person’s online accounts after incapacitation or death. These laws help you to protect your digital assets. But you need a digital estate plan to enable your family to access your digital assets if you pass away."

Your digital estate includes all of your electronic and virtual accounts and assets, such as:

• Social media accounts
• Email accounts
• Photos saved in the cloud

and much more!

Steps for creating a digital estate plan include:

1. Take inventory.

2. Decide how you want your digital assets handled.

3. Pick a digital executor.

4. Store your digital estate plan in a safe place.

Get all the details at: https://www.kiplinger.com/retirement/easy-steps-for-digital-estate-planning

Got a will? Here are 11 more end-of-life documents you may need

"Anyone remember the death rate in the United States? It's... one per person. 

Nobody is getting out of here alive. We never know when death will happen, just that it will," Amy Florian explained to a group of financial professionals. 

In these days of coronavirus, the need for detailed instructions for your financial and digital affairs is timely. 

Kelli B. Grant explains:

1. a living will: dictates what medical treatments you do and don't want in different circumstances.

2. POLST: Physician orders for life sustaining treatment,

3. Power of attorney for Healthcare/Healthcare proxy.

4. Durable power of attorney: names the person to pay bills and make financial decisions on your behalf. 

5. DNR/DNI orders: do not resuscitate/do not intubate.

6. Diminishing capacity letters.

7. Organ donor designation.
8. Life insurance
9. Personal property memorandum to be included with a "letter of last instruction" 
10. Digital assets memorandum: "Specify in your will who you want to own or have access to your digital assets and accounts like social media and email."
11. A list of where important documents and items are kept

Get the details at:
https://www.cnbc.com/2017/11/15/12-financial-planning-documents-to-handle-health-end-of-life-care.html

A plan for your digital legacy

"When thinking about your digital legacy consider:

• social networks, such as Facebook, Twitter, or LinkedIn
• blogs and licensed domain names
• your presence in online communities or listserves
• music, photos, or other files that you store online
• seller’s accounts on Amazon, eBay, or Itsy, and
• access to financial accounts or utilities."  As part of your estate plan you should arrange for the  management/termination of your accounts. For advice read Nolo's recommendation at: http://www.nolo.com/legal-encyclopedia/a-plan-your-digital-legacy.html

21st Century wills need to address digital asset ownership

If you use email, Facebook, blogs, Twitter, own Bitcoin, frequent flyer miles, Amazon account, or other rewards programs, youneed to plan for access to and transfer of your digital assets at death or if you become incapacitated. Robert Powell explains how to protect one's digital assets and allow access to appropriate persons. he explains that there are "federal and state laws that protect digital assets and may impede fiduciary access to them. What's more, technology providers have their own privacy and terms of use policies that may govern your digital assets and make access to those assets difficult or impossible." So update your will to address these 21st century assets.