Estate planning obviously includes the execution of legally binding documents. However, these documents are not going to accomplish much without having human beings in place to actually make your wishes a reality in the real world.
When you use a last will to express your final wishes the estate is administered by the executor under the supervision of the probate court. The trustee administers the trust in accordance with your wishes as stated in the trust agreement if you use a revocable living trust.
Your administrator is going to need all relevant information. He or she will also need access to real property, vehicles, safe deposit boxes, and storage spaces.
Now that we live in the digital age there is also the matter of your online accounts. Many people do their banking and stock trading online, and a high percentage of us pay our bills online. As a result you’re going to want to apprise your representative of your online accounts.
There is also the matter of social media accounts such as your Facebook presence.
Your administrator can contact Facebook and request that your account be memorialized. When this is done your existing family and friends can still post to your wall, but no one can update the account and you are no longer suggested as a friend to others. And, your personal information is no longer available.
If you think everything through and put yourself in the position that your executor or trustee will be in you will invariably be able to come up with a list of things that this individual is going to need to know.
We are grateful you follow us and value your comments and input. You Can Also Find Us Online: Facebook | Twitter | LinkedIn Thanks again.
Ryan M. Denman and Dennis D. Duffy
- Attorneys Want to Help - December 14, 2016
- Trusts and the Estate Tax - December 14, 2016
- What Is a Third Party Special Needs Trust? - December 14, 2016
