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estate planning Archives

The importance of digital assets in an estate plan

When Virginia residents create estate plans, they may be wise to ensure that they do not overlook their digital assets. Important information today is often found on electronic rather than paper records, and not including usernames and passwords in an estate plan can leave executors, trustees and heirs in a very difficult position. Digital assets that may be left inaccessible by such an omission include computer files, online financial accounts, website domains, subscriptions, and social media, email and message board accounts.

Ignoring estate planning is a mistake many people make

Virginians who have yet to craft even a basic estate plan should consider the various reasons why it is beneficial to do so. This is true for people of any age. Many people ignore the reality of needing an estate plan. This can cause problems for their loved ones if the person becomes incapacitated or passes on without a plan in place.

Few Americans have estate plans in place

Many Texas residents agree that it is important to plan for the future when it comes to protecting their assets and making sure their loved ones are taken care of. This is in harmony with recent surveys showing that the majority of Americans understand how important estate planning is, but few actually have a plan in place.

Passwords can be important to estate planning

Virginia residents often rely on their online accounts and mobile devices to manage important assets. Of course, managing an online account requires having access to digital passwords. While estate owners need to protect their passwords in order to preserve privacy and defend against theft, it's also important to think about how accounts will be managed in cases of death or incapacity.

How to approach estate planning

Virginia residents may have an idea of what an estate plan is. However, they may think that it is something that they create at some point in the future. Ideally, individuals will create a plan as soon as possible and continue to update it as they get older. This is often a good idea even for those who don't think that they have a lot that they need to account for.

Single people may also benefit from an estate plan

For some single people in Virginia, estate planning may seem like more trouble than it's worth. After all, these individuals don't usually have to worry about providing for a loved one, such as a spouse or minor child. However, estate planning is about more than just passing on assets.

Planning one's estate for the future

Seeing as the new year has begun, most people living in Virginia have started to carry out their New Year's resolutions and take more responsibility for their lives. One of the best ways to step up and be more responsible is to plan for the inevitable and prepare one's estate before it's too late.

When estate plans need updating

There are a few common errors people make with their estate planning. One is leaving certain critical documents, such as a will, out of the plan. Others have to do with failing to update the plan. People in Virginia should review their estate plan roughly every three years, but there are also certain events or situations that should trigger a review.

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