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8 Documents That Are Essential to Planning Your Estate
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If you want loved ones to remember you fondly, tackle your estate-planning tasks. Your heirs will thank you for not leaving a legal mess to sort out.
Many of us want to get going on this planning, but don’t know where to start. Here’s what you should know about eight documents that can help you get your affairs in order.
If that sounds like a lot of paperwork, don’t worry: You probably won’t need every document. And if you’re wondering where to find the documents you do need, not to worry: Just head to our partner Rocket Lawyer, where you’ll find everything you need cheap.
1. Last will and testament
A will gives you the power to decide what is in the best interests of your children and pets after you’re gone. It also can help you determine what will happen to possessions with financial or sentimental value. It typically names an executor — someone who will be in charge of following your directions. Finally, you can include any funeral provisions.
Use your will to name guardians for those under your care, including minor children and pets. Designate any assets you are leaving for their care.
If you’re married, your spouse needs a separate will, AARP says.
In the absence of a will, a probate court will name an executor — typically a spouse or grown child — for your estate. Probate proceedings are a matter of public record. So keep private information — passwords, for example — out of your will, as that information could become part of a public document.
2. Revocable living trust
A living trust is another tool for passing assets to heirs while avoiding potentially expensive and time-consuming probate court proceedings.
You name a trustee — perhaps a spouse, family member or attorney — to manage your property. Unlike a will, a trust can be used to distribute property now or after your death.
If you have substantial property or wealth, a trust can provide tax savings.
ElderLawAnswers further explains the differences between trusts and wills. Creating a trust is not a do-it-yourself project. Get an attorney’s help.
3. Beneficiary designations
When you purchase life insurance or open a retirement plan or bank account, you’re often asked to name a beneficiary, which is the person you want to inherit the proceeds when you die. These designations are powerful, and they take precedence over instructions in a will.
Keep beneficiary designation papers with your estate-planning documents. Review and update them as your life changes.
4. Durable power of attorney
This document allows you to choose someone to act on your behalf, financially and legally, in the event that you can’t make decisions.
Don’t put off this chore. You must be legally competent to assign this role to someone. Older people worried about relinquishing control sometimes put off the task until they are no longer legally competent to do it.
5. Health care power of attorney and living will
To ensure that someone can make medical decisions for you in the event you become incapacitated, establish a health care power of attorney — also called a durable health care power of attorney. This is different from the previously mentioned durable power of attorney for financial and legal affairs.
A living will lets you explain in advance of your death what types of care you do and do not want, in case you can’t communicate that in the future. It’s strictly a place to spell out your health care preferences and has no relation to a conventional will or living trust, which deals with property.
“You can use your living will to say as much or as little as you wish about the kind of health care you want to receive,” says legal site Nolo in a detailed article.
6. Provision for digital assets
Decide what to do with your digital assets, including your computer hard drive, digital photos, information stored in the cloud, and online accounts such as Facebook, Yahoo, Google and Twitter. Be sure to include a list of your passwords.
“What Happens to Your Email and Social Media After You Die?” explains how to make these decisions.
7. Letter of intent
For instructions, requests and important personal or financial information that don’t belong in your will, write a letter. Use it to convey your wishes for things you hope will be done. For example, you may have detailed instructions about how you want your funeral or memorial service to be performed.
No attorney is needed. The letter won’t carry the legal weight of a will.
8. List of important documents
Make certain your family knows where to find everything you’ve prepared. Make a list of documents, including where each is stored. Include papers for:
- Life insurance policies
- Pension or retirement accounts
- Bank accounts
- Divorce records
- Birth and adoption certificates
- Real estate deeds
- Stocks, bonds and mutual funds
Another item helpful for your heirs is a list of bills and accounts, including contact information and account numbers for each, so your representative can settle and close these accounts.
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Pretty soon after, Twitter announced that they were putting their deactivation plans on hold due to the general public’s horrified response. Meanwhile, Facebook is already ahead in the death game and provide memorialised accounts of the deceased by freezing their page in time once their death has been proven by evidence such as a death certificate. Facebook users can choose a legacy contact which is a person who can access their account after they’ve died. Twitter wants to offer a similar service and aims to continue with their original plan once this service is in place.
The response to the mass deactivation is strange as in 2018 YouGov carried out a survey which discovered that only 7% of people want their social media accounts to exist after they have died, though, dead Facebook accounts will soon outnumber the living. We live in a world where letting the dead die can be stopped by the immortality of a digital presence and despite the YouGov survey results, it seems many find this fact comforting.
Digital legacy: what’s in a digital footprint?
We have an attachment to our digital footprint, perhaps it’s because it represents a better us, a more fine-tuned version of ourselves. The Digital Legacy Association deals with tackling death in an online context by making plans for your ‘digital estate’ after you have died. With a mission to help people deal with their digital legacies and digital assets after they die, The Digital Legacy Association has set up tools and advice that can be used by anyone. The association works with the NHS and hospices to provide education regarding the end of life in the digital realm. They also provide social media ‘will’ templates, options for websites and blogs after the owner’s death and how people can manage their cryptocurrencies after they have died.
My Wishes is an online service available to the public which allows people to write a will, document funeral wishes, safeguard digital legacies and leave goodbye messages for loved ones. It also offers people the opportunity to record goodbye video messages to be published at their future funerals.
Tech in an online graveyard
Many other companies are now going a step further. Forget planning for the future of your digital legacy when you can immortalise your soul in an app or online.
Replika is an ‘A.I. companion’ touted as a friend that can comfort users whenever they need someone to talk to. Using AI, the app learns more about you the more you talk to it so eventually ends up feeling like a real-life friend that you’ve met. Although the app is meant to replicate the user to become somewhat of a ‘super’ best friend, it was created after one of its founders, Eugenia Kuyda lost her best friend in a tragic accident and found it difficult to find a digital footprint to remember him by. She used thousands of his text messages and emails to create a digital version of him as a chatbot. Eventually, the founders want to app to be “a living memorial of the dead.”
Similarly, Eternime is intent on preserving the memory of someone forever by allowing people to live on for an eternity as a digital avatar. By collecting a person’s thoughts and stories, Eternime wants to build a digital copy of a person once they’ve passed away in what will eventually be a virtual library of dead people for those left behind to find comfort in.
Meminto also wants to create a virtual self that won’t die once the body and mind do through an app that people can use alone or alongside their family and close friends. The app sends questions to be answered by the user with the idea of building a ‘story’ about them over time, sort of like a quick and digital way of keeping a diary. In the end, users receive a printed ‘Meminto stories’ book which they can share with the ones closest to them and eventually be remembered by.
GoneNotGone is also available if you just cannot accept death as an end to yourself on Earth and are summed up by their slogan ‘Live on digitally.’ GoneNotGone is a website where people can upload text, photos, video and audio clips of themselves so that loved ones can remember them once they have died.
It seems that Twitter users concerned over deceased accounts needn’t worry, tech has caught up to how connected we are to our digital selves and how profitable and popular creating an immortal digital person has the potential to be. The internet is already a graveyard to many dead people who still have their comments, likes, profiles and accounts on display, perhaps it makes sense to allow people to choose to capture these memories all in one place with their family and friends having access to them forever.
What happens to your Facebook and Twitter accounts after you die?
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When someone you love dies, sure, their spirit endures—but so does their social media. And when their photos, memories or posts surface unexpectedly, it can be a jarring purgatory for those still healing from the loss.
Managing the digital afterlife is “something that people should think about but don’t,” says Jed Brubaker, a professor at the University of Colorado Boulder, who specializes on the topic. “There’s a whole societal infrastructure—(coroners, cemeteries, funeral directors)—for how we think about death,” he says. “For the most part, that has not extended very well to digital content broadly and social media specifically.”
That can lead to some painful situations.
You may have braced for that birthday reminder, for instance, but then Facebook unexpectedly surfaces an “on this day” memory that just hits you in the gut. LinkedIn nudges you to congratulate a colleague on a work anniversary just a few days after a fatal heart attack took them. Not just awkward, but ouch. That hurts.
Gone, but not forgotten or erased
It’s not that we necessarily want all social records and reminders to go away. Just recently, Twitter pulled an about-face following a backlash when it announced plans to purge some inactive accounts. Folks didn’t want to lose tweets from loved ones who had passed away.
“We’ve heard you on the impact that this would have on the accounts of the deceased,” the company tweeted. “This was a miss on our part. We will not be removing any inactive accounts until we create a new way for people to memorialize accounts.”
And LinkedIn is also working on a plan to memorialize accounts, expected to be ready in the new year.
“This is understandably one of the most sensitive topics for our members, and we want to make sure the account of any member who has passed away is treated with respect,” says LinkedIn spokesperson Suzi Owens.
You can ask LinkedIn to remove the profile of a dead colleague, classmate or family member by explaining your relationship to the person, and among other requested information, supplying the date of death, obituary, and the company the person most recently worked at.
The social network graveyard
For sure, our virtual, digital lives will inevitably outlast our physical ones.
In fact, Facebook could have more dead members than living ones within 50 years, according to academics at Oxford University.
But the broad implications of the digital hereafter remain grave.
“The demise of your biological body does not completely strip you of ethical rights such as privacy and dignity,” the study’s lead author Carl Öhman said last spring. “Overall, Facebook has done a pretty good job in navigating these issues and has balanced the interests of the bereaved with those of the deceased.” But he added that it is up to the bereaved families to curate the digital legacies of loved ones that “both accommodates their grief, and supports the community around the deceased in the best way.”
What to do when you’re still alive
You don’t have to leave all the specifics for friends and family to handle after you’re gone.
With Facebook, you can request to have your account permanently deleted after you die. Or you can designate a “legacy contact” who can look after your memorialized account once you pass. Such a person can then manage tribute posts on the memorial profile, by choosing who can see those posts or contribute their own sentiments. The legacy contact can also respond to new friend requests, delete posts and remove tags.
As with everything else you leave behind, keep in mind that the legacy contact might access content that wasn’t originally visible to him or her.
According to Facebook, however, what this person won’t see are messages, ads you clicked on when you were alive, pokes, security and settings info, and photos you automatically synced but didn’t post.
To get started via web browser, head to Settings on Facebook, click “Memorialization Settings,” click “Edit,” and then examine your options. Should you choose a legacy contact, Facebook will auto-generate an editable message to send to the person you’ve picked. On mobile via the app, whether Android or iPhone, it takes only one more step to get to that option, tapping “Account Ownership and Control.”
Brubaker, who consulted with Facebook on the design of the legacy contact solution, advises people to explicitly give family members or people they trust “symbolic permission” to do what they think is best after they’re gone.
“We hear from lots of bereaved a really deep anxiety around not wanting to disrespect or dishonor the memory of their loved one but being left with a kind of ambiguity and uncertainty about what they should do,” he says.
If wishes aren’t outlined or expressed before death, you as a family member can still request that the member’s Facebook account be removed. You will have to provide proof of the death (an obit or memorial card), and proof that you have the authority to make such a request such as power of attorney documentation, a birth certificate, will or estate letter.
All the many people with Google accounts can similarly set up an Inactive Account Manager to care for the person’s Google remains after death.
But there are limits, as Google explains on the web. “We recognize that many people pass away without leaving clear instructions about how to manage their online accounts. We can work with immediate family members and representatives to close the account of a deceased person where appropriate….We cannot provide passwords or other login details. Any decision to satisfy a request about a deceased user will be made only after a careful review.”
The request for a dead person’s Google data may also require a court order.
It isn’t entirely clear how or even if the social media data from a behemoth such as Facebook that people leave behind remains commercially viable—dead people no longer look at ads, after all.
But there are still strong cases to be made for preserving our digital legacies. They may prove useful artifacts of a bygone era. Future generations may learn from the pictures and posts we leave behind. And to family members and close friends, honoring the people they’ve lost and keeping their memories alive is priceless.
(c)2019 U.S. Today
Distributed by Tribune Content Agency, LLC.
Get Your Digital Accounts Ready In Case of Death
Click here to view original web page at Get Your Digital Accounts Ready In Case of Death
Antonio Giovanni Pinna
On March 7, 2019, Myrna M. DeLeon passed away, days before her 65th birthday. “Her death was completely unexpected,” said her daughter and my brother-in-law’s wife, Casey. In the emotional aftermath for the family, one thing made the grieving process less stressful: Myrna’s “in case of death” preparations. She had filed important documents in a safe and kept a categorized “little black book of information.”
“She was a nurse who was organized in the operating room, and she took that skillset of organization and advanced thinking into our home life as well,” Casey said. “For example, ‘B’ was not for people with the last name starting with B, but for banks and other financial institutions. It listed account numbers for policies and phone numbers to call for claims.”
Casey and her brother had set up their mom’s phone and email, so they knew her passwords for those, which proved essential. “All of her contacts were in her cellphone, and I needed those to inform them of Mom’s passing. I also needed to ask her colleagues how their union benefits worked so I could get answers as quickly as possible.”
Preparing for your eventual demise is a gift your loved ones will appreciate even as they mourn your loss — and it will give you peace of mind in the present, too. Most people have thought about setting up a will and doing other estate planning, but you should also arm your family with the most essential information they’ll need in the immediate days and weeks after you’re gone, preferably in one easy-to-access place. Here’s how to set up a digital version of Myrna’s “little black book” for simple and secure information sharing with family members and trusted friends.
Step 1: Share your account logins and other secure information with a password manager
Everyone should use a password manager, software that securely and conveniently stores all your account logins as well as notes you want to keep under virtual lock and key. With 1Password or LastPass, Wirecutter’s favorite password managers, you can share the critical information your family will need to know after you’re gone, such as important contacts and insurance details. The individual plans offer basic sharing features, but for these purposes a family plan is better because it provides accounts for your whole family.
With 1Password for Families ($60 per year), up to five people get their own account, you can easily move or copy items across accounts, and a designated person can help someone else in the plan recover their master password. LastPass Families ($48 per year) offers similar features for up to six people. Wirecutter prefers 1Password for its combination of security, compatibility with various devices, and ease of use, but if you want to save a few bucks a year, LastPass is a good option.
To share vaults in 1Password for Families or folders in LastPass Families, the process is roughly the same:
- Click People in 1Password or Manage Family in LastPass, and invite members via email.
- Once they accept your invitation, each family member creates a master password for their account and gains access to the shared vaults or folders.
- Each family member can then add passwords, secure notes, bank info, contact info, files, and more in the shared vaults or folders.
To access all this information, the only thing each family member needs to remember is the one master password they set up for their account.
Step 2: Record and save emergency info
In addition to passwords, you should make other personal information readily accessible. These items include:
- Instructions in case of death: Be sure to include details such as burial or living-will wishes.
- Important logins or security codes that aren’t website logins: List your computer password, your phone PIN, the code to the fireproof safe, and so on.
- Important contacts: Indicate who to contact at your workplace, as well as your lawyer, accountant, will executor, and insurance agents.
- Locations of valuables and critical papers: Note the whereabouts of wills, passports, Social Security cards, birth certificates, and any other legal documents that are difficult to get copies of.
- Recurring-bills details: Specify when the bills are due and how they’re paid (if they’re autopay or where to send a check).
- Financial account details: List your retirement and investment accounts, insurance policies, bank accounts, and credit cards.
You can create a secure note in your password manager for each of the items above. Or, if you want a free option or if some family members aren’t likely to use a new app, you can create a password-protected spreadsheet that contains this information. We’ve created an emergency-information template as an Excel spreadsheet (which you can import into Google Sheets following these instructions from How-To Geek) for you to get started.
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Step 3: Set up dead-man switches and assign custody for your digital accounts
A dead-man switch is a security feature on trains that requires operators to hold a handle on a control board so that if they let go, the switch applies the emergency brakes. A dead-man switch in non-transit terms notifies loved ones and can disable your accounts if you fail to respond to prompts. This feature is especially useful for people who live alone, because you want others to notice you’re gone as soon as possible. Google is perhaps the most important account you might want this feature for, if you use Gmail or store files in Google Drive: You can instruct the Inactive Account Manager to either delete your data or share your Google accounts with someone you trust after a period of inactivity.
Pick one person to manage your social media accounts to either preserve your memory or delete those accounts. Facebook, LinkedIn, Tumblr, Twitter, and other social media accounts all offer options for enabling your loved ones to manage your accounts, but you’ll need to change those settings before you die, of course.
Step 4: Drill practice — teach your loved ones how to survive without you
After you’ve done all the above, you should share the details with your family (you can also share select information in the password manager with a power of attorney or a trusted friend). Make sure they accept the password manager invite, install the apps, and know how to use them. Set up a calendar reminder to update your info at least once a year. And since no one likes talking about death, have that talk while you’re healthy so that your family won’t worry unnecessarily. Reassure them that all this preparation is a “just in case” measure, and you’re doing it for everyone’s peace of mind.
[ If you are having thoughts of suicide, call the National Suicide Prevention Lifeline at 1-800-273-8255 (TALK) or go to SpeakingOfSuicide.com/resources for a list of additional resources. ]
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A version of this article appears at Wirecutter.com.