Years ago estate planning consisted of creating a will and maybe a trust to protect your child’s inheritance. Today, however, estate planning has become far more complicated, with even the simplest plan containing several different elements. It’s always a good idea to take the time every year to review your estate plan and consider what, if anything, you should add.
Digital Estate Planning
As computers and the Internet become more and more enmeshed in our day-to-day lives, many people find that they cannot create an adequate estate plan without addressing their digital or online property concerns. Whether you want to ensure that your small online business is properly managed after you die or that your family will be able to access your personal mementos you have stored on your computer, creating a digital estate plan is an essential step in today’s world.
More and more people are also taking steps to ensure that their pets are properly cared for after they die. Having friends or family members who are willing to take care of your pets after you die is a great help, but it’s often not enough. You probably want to consider creating a pet trust that will set aside some money to care for the pet’s needs after you are gone. The trust, like other trusts, will employ a trustee to manage the money, as well as a caregiver to care for your pet.
These are just a couple of the many things that should be considered when creating or updating an estate plan. The place to start is a consultation with an experienced and qualified estate planning attorney.