Tag Archives: estate planning

Your Growing Digital Estate-Why we worry

This is a good article from the Student Lawyer website  The choice for aspiring lawyers (& us)

Digital Estate Planning: Is Google Your Next Estate Planner? 

This article picks up on a discussion with Jamie Hopkins who is Assistant Professor of Taxation at New York Life Center for Retirement Income about the challenges facing traditional estate planning in relation to the disposition of digital electronic assets

Google your estate planner

…”the unique nature of digital assets, coupled with the fact that many digital assets will long outlive their owners, presents new challenges to traditional estate planning techniques…”

While many people do not have an estate plan in place for the disposition of their traditional assets, even fewer have a specifically designed digital estate plan to manage their digital assets upon death. By the end of 2012, almost 30 million Facebook accounts had outlived their owners, but only three million had been memorialised [4] for their deceased owners. This leaves millions of photographs, private messages, and other digital assets stored on the deceased’s Facebook account, which is inaccessible to his or her family and friends.[5] These forgotten pages become a virtual shrine, creating ‘a pixilated Dorian Gray, colored by iPhone photos, ‘pokes’, and ‘LOLs’ — possibly for an eternity.’[6] As such, the unique nature of digital assets, coupled with the fact that many digital assets will long outlive their owners, present new challenges to traditional estate planning techniques, requiring more complex planning techniques than previously used for the disposition and management of traditional estates.

What will happen if you or one of your loved ones sets up all of their accounts online but the access information is not shared? A family already grieving is subject to even further distress. The last thing you or your family need is a time of grief is the frustration and potential financial loss because proper digital estate planning was not considered especially in light of the fact that there are unique issues that plague digital assets like ownership and transferability.

LegacyTracker does provice for digital estate planning

Life is…. complicated. Death more so. Get Organized.

Orginally published Jan 13 2013

Stop procrastinating…Get your stuff together (please)….

This is a poster published first in the Wall Street in 2011 – It’s a good one..with an article from Saabira Chaudhuri titled “The 25 documents you need before you Die”  It’s cdrtainly an attention grabber.

25 important documents article

It’s a great poster and a fascinating story which talks about the financial consequences that befalls your family and loved ones if you fail to keep all your documents and important papers in order. In the US where they track, report and actively look for owners of unclaimed funds they know that the toll is great. $33B (now $58B) approximately in unclaimed bank accounts and other assets like paid up insurance policies.

You may or may not know (maybe this is your first visit here) that Canada is not so lucky. Only 2 provinces have any real unclaimed intangible property legislation in place (Alberta & Quebec).  That’s not the way it should be but that’s the way it is right now in Canada.

That sad fact, makes it even more critical to ensure that your records are organized and shared to make sure you reduce the financial risk that comes from not being so organized. So yes. Please stop procrastinating around this topic.

Read the article from the Wall Street Jounal here