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Volume Ten 
Number Six
June 2013
Decisions you make today can determine whether your family is provided with a thoughtfully prepared, efficiently implemented and effectively administered estate plan that lays the groundwork for the smooth (and cost-effective) administration of your estate … or a disorganized disaster that creates time-consuming and costly problems. The duties of those who serve as your fiduciaries after you have passed away fall into a three-tiered hierarchy of responsibilities. While the precise manner in which these duties are carried out will depend on whether your estate plan is based on a Will or a Revocable Living Trust, tasks that must be handled include ...
Can you identify all of your assets and determine their value? Have you prepared an accurate inventory of these assets, and is that inventory preserved in either a written or digital format? If someone had to locate this inventory and valuation information, could they do so or would it be the equivalent of trying to locate hidden treasure without a map?Did You Know?
Did you know that:
While three in ten Americans DO have a plan, the average age of a will coming into a law office for update or probate is nearly 20 years?
A Power of Attorney of similar vintage may be rejected by banks and other third parties?
In three out of four cases, a Health Care Directive (also sometimes called a "Living Will") is unavailable when needed?
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Ten out of ten Americans MISTAKENLY believe that life insurance proceeds are automatically exempted from Federal Estate Tax?
The Wills of most married couples control ONLY personal effects?
There are legitimate means of leveraging the $13,000 annual gifting exclusion, of avoiding capital gains tax on super-appreciated low-yield assets, and of ensuring that 99% of assets flow to the next generation in a thoughtful, protected manner?
Preserving Cyber Assets in the Real WorldIf you maintain Facebook accounts, online hosted photo services and other digital assets, consider asking your legal counsel to include a Virtual Asset Instruction Letter (VAIL) as part of your estate plan. This letter can ease the burden on the family, friends or professionals you appoint as fiduciaries by assisting them in identifying and managing your digital assets in the event of your incapacity or death. A VAIL can provide the person you designate with a list of web addresses, along with login information like passwords and user names. When carefully drafted, a VAIL document also can provide guidance about management and disposition of your online assets. Many people overlook digital assets despite their growing influence and presence. These virtual assets may include valuable intellectual property, irreplaceable photos, rare collectible documents, client lists and other assets with a quantifiable economic value. Because these assets may have economic and/or sentimental value, they should be included in your estate plan. |
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