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American Academy of Estate Planning Attorneys

The American Academy of Estate Planning Attorneys was established in 1992. Mr. Holmgren has been an active member since 1995. Click here to visit his Academy website.

Long Life in Okinawa

Take a moment to watch this video from CNN on the amazing health and long life of Okinawans.

Seinfeld Has An Answer for Everything

In this classic Seinfeld episode, Jerry and Kramer discuss living wills. Although humorous, it makes a great point about the importance of this key document.

 

DocuBank
Utah's New Domestic Asset Protection Trust (DAPT)

Effective May 2013, the DAPT statute (or DAPT law) provides a powerful way to protect assets from various creditors and especially from lawsuits.

CLICK HERE for full, printable article.

Virtual Assets: A Consideration in our Digital Age
Posted on Jan. 8, 2013

When planning your estate, don’t just think about tangible money and belongings, think about your virtual assets. Take the time now to consider who would be the best person to manage your e-mail and social networking accounts should you become mentally incapacitated or die. Who would you like to give access to for your online payment portals like banking accounts or PayPal? Would your trustee or executor even know how to log in to your computer or tablet?

These are all considerations we must deal with now that we have an ever-growing amount of digital property. Without a solid plan, automatically paid services like Netflix or Pandora could continue to be charged to your account, or even larger payments like utility bills, insurance premiums or installment payments that are on "autopay" and cannot be stopped because only you have the pin or password. Your family might have to hire forensics experts or get court orders to gain access to the accounts.

As part of your estate planning process, it is a good idea to create a detailed  inventory of all your virtual assets. Consult your estate planning attorney to understand your state’s particular laws, determine your virtual asset providers’ (banks, credit unions, investment companies, Gmail, LinkedIn, Facebook, etc.) policies and make a plan that will work for you and your loved ones.

Here are just a few examples of virtual assets:

  • Online banking passwords and account numbers
  • Brokerage and investment account numbers and online passwords
  • Passwords and account numbers for any other financial accounts you might access via the Internet (mortgage, health or auto/home insurance, health/life insurance, bill payment)
  • Information on any accounts on auto-deduction
  • Entertainment or leisure related passwords (music, movies, accounts with shopping sites, EBay)
  • Self-publishing sites
  • Email and voicemail passwords
  • Social media passwords

There are more and more websites devoted to helping organize your virtual assets. Both Legacylocker.com and AssetLock.net enable users to release account information to designated beneficiaries after their death.

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About Randy

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I help clients prepare for their unexpected death or disability. Using legal documents such as Wills, Trusts, Power of Attorney, LLCs and more, we can ensure that your hard-earned assets go to the right people, at the right time, and in the right way–and are managed by someone who is competent, skilled and trustworthy.

I also help clients identify their non-monetary legacy (values, wisdom, principles, beliefs, life experiences, family name and a commitment to certain charitable causes) and how to effectively pass that legacy on to family and others.

Take time to consider the value of your life to others. Don't miss opportunities to leave a greater legacy than just money.

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