Estate Planning in the Digital Age

David Stone |
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Welcome to the digital age where paper is disappearing and all our information is being stored electronically somewhere in a "cloud".  In the past estate planning for most people boiled down to having a will and maybe a guardian for children who were still minors.  You can easily store this information in a lock box in your house or a safe deposit box at a bank, but times are a changing.  I suggest you read this article at https://fintechfreedom.com/estateplanning/ to get a real basic understanding not only about what type of estate planning documents you need today, but where to store these documents in the digital age.  When I discuss estate planning with most people their first reaction is "I don't have enough money for an estate plan".  This is a common misconception, as most people need an estate plan, however the degree of complexity is what separates the wealthy folks from the average Joe's.  If you are single, who gets your stuff after you pass away?  If you are married without children, after you and your spouse pass away, who gets all your stuff?  If you have children, you need a plan on how to split up your stuff between them as well as determine who will care for your children in the event both spouses pass away.  If both spouses pass away and the children are still minors, when do you want them to get your stuff?  Are you supporting someone besides your immediate family members?  Maybe you want some monetary provision for them.  Are you charitably inclined?  If so, which charities do you want support after you pass away?  What happens if you are injured or get sick?  Who do you want to make decisions for you if you are unable?  Obviously I can go on and on about different scenarios regarding estate planning.  The bottom line is just about everyone needs some sort of estate plan.  I suggest you talk to family and/or friends to find out if they know any estate planning attorney's.  It's important you work with an ESTATE PLANNING attorney to handle your affairs as this is an area they specialize.  You can go to a general practicing attorney, who will be less expensive, but keep in mind this isn't their area of expertise.  Regardless of which route you choose for your estate plan, the best thing you can do for your family is just getting it done.  Please don't hesitate to contact us with any questions, concerns, or referral to an estate planning attorney.

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