Estate planning is a process that needs periodic attention. Both your family member’s needs and your assets will change over time. As a result, an estate plan that appropriate at one stage of your life may become less so over time.
Many people do not consider the fact that after they die, their family members may not be able to access some or all of their assets until their estate has been fully administered. For example, if you have bank or investment accounts that are not jointly titled or designated as “pay on death” accounts, those accounts will be part of your probate estate and cannot be distributed to your family until after all of the debts and claims of your estate have been paid. Periodically reviewing your accounts to ensure that you have sufficient assets in accounts that are jointly titled or have a beneficiary designation will ensure that your loved ones have enough money to pay their expenses while your estate is administered.
Requirements for transferring your technological assets can change significantly over time, and it is important that you ensure your estate plan keeps up with these changes. It is not unusual for families to find that they do not have access to their loved one’s digital accounts or to find that there are digital assets that they did not know existed and have no idea how to access. Beyond simply giving your family members the passwords to your digital accounts, it is imperative that you and your loved ones comply with the legal requirements for transferring title and access to those assets. Failure to do so could result in loss of the asset or even criminal penalties.
Making your plan ahead of time – and keeping it up to date as life changes – is the best way to protect your family and your assets after you pass and prevent a dispute. The attorneys at Gaslowitz Frankel have years of experience navigating will and estate disputes. If you have concerns about your estate plan, we can help guide you in the right direction. Contact us today at 404.892.9797.
