When it comes to popular social media platforms, each platform has its own policies and procedures for handling accounts after the user's death. Understanding these processes is crucial for effective digital estate planning.
In an increasingly digital world, social media has become an integral part of our lives, connecting us with friends, family, and the world around us. But have you ever considered what happens to your social media accounts when you pass away?
When it comes to digital assets, there is a wide range of items to consider. The following list provides an overview of common types of digital assets and relevant terms to consider in the event of death.
Discover the importance of digital estate planning and learn how to effectively manage your digital assets before the event of death. Secure your online presence and ensure a smooth transition with these essential steps.
Probate is a vital legal process for ensuring the proper distribution of a deceased person's assets and settling their final affairs. However, not probating an estate can lead to significant financial consequences. In this article, we delve into the risks associated with neglecting the probate process and emphasize the importance of taking the necessary steps to safeguard your financial future.
A personal representative is a fiduciary that acts on behalf of an estate until all estate affairs are settled and the estate is properly closed with the court's approval.
Each business type of structure offers different levels of asset protection and affects how much you pay in taxes. But owners can exert further control over their business—both while alive and after they pass away—by placing business interests in a trust.
Updating your beneficiary designation is crucial when a significant event happens, such as birth, adoption, marriage, divorce, and death. You must complete an update form with the right beneficiary if your designated beneficiary is no longer the best choice for a certain account. The consequences of not updating a beneficiary designation are vast and dangerous. The benefits could pass to someone you don't want to inherit.
Guardian Ad Litem (GAL) is the person appointed by the court to defend and protect the rights and interests of the heir of a deceased person's estate in circumstances where these individuals cannot legally represent or speak for themselves in probate proceedings because their mental or physical being may be limited.
Some of us have put our properties, like a home and land, in a trust as part of our estate plan. In transferring properties to a trust, whether a house or land, additional paperwork should be completed. For example, your living trust will only be properly funded if you take the necessary steps to ensure that the title to your home is properly and legally transferred to the trust. Funding is the process of transferring title to an asset from your name personally to the name of the trust. Once funding is accomplished, there are certain benefits that will need to be renewed such as homestead exemption. It is important to re-apply for any exemptions or incidental benefits that may have been held prior to funding your property to the trust.
