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Estate planning

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  • For example, you might choose to specify that you do not want to be treated with antibiotics if death is imminent.
  • Transcript

    • 1. INCLUDING A SOCIAL MEDIA WILL ESTATE PLANNING
    • 2. WRITING A WILL Estate planning is not just for the wealthy. People at all economic levels benefit from an estate plan. An estate plan legally protects and distributes property based on you wishes and the needs of your family and/or survivors with as little tax a possible.
    • 3. WHAT IF YOU BECOME INCAPACITATED Do you assume that if you become incapacitated that your spouse or children will automatically be allowed to make financial and/or medical decisions for you? That is not necessarily true. How do you make sure that they can…an Advance Medical Directive.
    • 4. ADVANCE MEDICAL DIRECTIVES Advance directives are written documents that tell you doctors what kind of treatment you’ll want if you become unable to make medical decision (for example, if you’re in a coma). The forms and laws vary from state to state so it is a good idea to understand the laws to your state. It’s also a good idea to make these directives before you become very ill.
    • 5. FEDERAL LAWS Federal law requires hospitals, nursing homes, and other institutions that receive Medicare or Medicaid funds to provide written information regarding advanced care directives to all patients upon admission.
    • 6. LIVING WILL A living will is one type of advance directive that comes into effect when a person is terminally ill. A living will does not give you the opportunity to select someone to make decisions for you, but allow you to specify the kind of treatment you want in a specific situation.
    • 7. DNR You can, if you choose, include an advance directive that you do not wish to be resuscitated if your heart stops or if you stop breathing. In this case, a Do Not Resucscitate (DNR) order would be entered on your medical chart.
    • 8. Wills A will is the most practical first step in estate planning; it makes it clear how you want your property to be distributed after you die. Writing a will can be as simple as typing out how you want your assets to be transferred to loved ones or charitable organizations (don’t forget your favorite library) after your death.
    • 9. No Will… If you don’t have a will when you die, your estate will be handled by probate, and your property could be distributed differently than what you would like.
    • 10. Legal Advice It may help to get legal advice when writing a will, particularly when it come to understanding all the rules of the estate disposition process in your state. Some states, for instance, have community-property laws that entitle your surviving spouse to keep half of your wealth after you die no matter what percentage you leave him or her. Fees will vary.
    • 11. Rules for Writing a Will You must be 18 years of age or older. A will must be written in sound judgment and mental capacity to be valid The document must clearly state that it is your will.
    • 12. Rules continued An executor of your will, who ensures your estate is distributed according to your wishes, must be named. It is not necessary to notarize or record your will but these can safeguard against claims that your will is invalid. To be valid, you must sign a will in the presence of at least two witnesses.
    • 13. Choose an Executor An executor is the person who is responsible for settling the estate after death.
    • 14. Duties of an Executor Taking inventory of property and belongings Appraising and distributing assets Paying taxes Settling debts owed by the deceased
    • 15. Most important Most important, the executor is legally obligated to act in the interests of the deceased, following the wishes provided by the will. Here again, it could be helpful to consult an attorney to help with the probate process or offer legal guidance. Any person over the age of 18, who hasn’t been convicted of a felony, can be named executor of a will.
    • 16. Don’t want to be executor If you’ve been named executor in someone’s will but are not able or do not want to serve, you need to file a declination, which is a legal document that declines your designation as an executor. The contingent executor named in the will then assumes responsibility. If no contingent executor is named, the court will appoint one.
    • 17. Write a Social Media Will Social media is part of daily life, so what happens to the online content that you created once you die? If you are active online you should consider creating a statement of how you would like you online identity to be handled, like a social media will.
    • 18. Online executor You should appoint someone you trust as an online executor. This person will be responsible for the closure of your email addresses, social median profiles, and blogs after you are deceased.
    • 19. Steps to write a Social Media Will Review privacy policies, terms and conditions of each website where you have a presence. State how you would like your profiles to be handled- cancel it or keep it for friends and family. Give the social media executor a list of all the websites where you have a profile, along with your usernames and passwords. Stipulate in your will that your online executor is given a copy of your death certificate as they may need it as proof to take action on your behalf.
    • 20. Review your Estate Plan Consider changes if…. The value of your assets change You marry, divorce, or remarry You have a child or grandchild You move to a different state You executor dies or becomes incapacitated One of your heirs dies Laws affecting your estate change
    • 21. Thank you