Organizing Your Life with Online Estate Planning

Take control of your future and secure the well-being of your loved ones by creating a comprehensive online estate plan that truly makes a difference and then it’s important to organize your estate details.  When you plan your estate thoughtfully, you give your family the clarity they need during difficult times, and you establish a legacy that will endure for generations.

Provide for your loved ones – Let your family continue to benefit from everything you’ve worked to provide for them. Give everyone peace of mind.

Communicate your wishes – Appoint people who know you well to make the financial and healthcare decisions you’d make for yourself when you’re not able to.

The process of estate planning may seem overwhelming, but it all starts with a simple step: establishing a Will, Trust, or both. These essential documents form the foundation of your estate plan, ensuring that your wishes are carried out and your assets are distributed according to your desires.

Attributes of an Online Estate Plan

With online estate planning tools, this important task is made easier and more accessible than ever before. You can take the time to carefully consider your options, make informed decisions, and create a plan that reflects your values and priorities.

By taking action now, you not only protect your loved ones from uncertainty but also leave behind a meaningful legacy that they can cherish. Don’t wait – start your estate planning journey today and make your intentions count.

Will

A simple document that outlines how to distribute property to beneficiaries after death. It can also be used to name guardians for children, appoint an executor, and state final wishes. Wills can help direct assets through probate but are usually advisable even if most assets are held in ways that avoid probate.

Trust

A complex contract that allows you to transfer property to an account that’s managed by another person. Trusts can be used to manage and distribute assets during your lifetime and after death. They can also help you bypass the probate process and give you more control over when beneficiaries receive their inheritance.

For example, a special needs trust can ensure that a beneficiary with special needs receives assets without losing government benefits. A living trust can also help you provide for both your current partner and children from a previous relationship.

How Do I Choose – Will or Trust?

The quick answer is if you are not married, with no real estate or business holdings, and with minimal assets to protect, then a Trust may be overkill and thus a Will is what you should establish.  However, if you are married with children and are fortunate to have amassed a level of wealth and assets to benefit your spouse and children after your passing, then you will want to establish a Trust. 

How Do I Get Started? 

We do not advise setting up a Will or Trust without legal and professional guidance and consultation.  In the case of a Will, this does not have to be expensive, there are online services such as Legal Zoom and Trust & Will that provide a prescriptive framework for establishing basic Wills.

In the case of a Trust or a complex Will, you should work with an attorney who specializes in preparing these legal documents.  This is not something you should trust any common attorney with insomuch as there are probate protocols that need to be satisfied when establishing these documents and if they are not followed, the Will and/or Trust can be deemed invalid thus subjecting your estate to expensive attorney/probate/court fees.  

Fees vary based on your geography, the complexity of a Will/Trust, and the level of experience of the attorney.  Most law firms will provide free up-front consultation and fix their fee – this is a good barometer for gauging whether the firm/attorney is a good fit for helping you with your Will/Trust. 

We do not suggest disqualifying any firm or attorney that charges an upfront fee; in fact, this is reasonable in cases where your situation is complicated and the attorney needs to spend some time (more than just 1 or 2 hours) reviewing your situation so that they can advise you on the appropriate course of action.  In many cases – this is very appropriate and the responsible thing to do.

Establish a Digital Library & Organize Your Documents

Now that you understand what course of action to take and what legal documents are required to protect your estate, how do you facilitate the next steps and more specifically, establish a digital/online library of all elements of your estate required to establish a Will or Trust and supporting legal documents? 

Accordingly, an online estate plan starts with a digital accounting of all your assets and liabilities so that your loved ones can more easily access and manage them after your death.  This information is required as part of any Will and Trust process.  A smart Will and Trust references these assets and liabilities in a general manner so that when you won’t need to alter your Will and Trust documents. 

Using online and digital tools to track and maintain your assets and liabilities is the best way to consolidate this information.  There are many tools that do this such as Empower, Credit Karma, Monarch Money, and Simplifi.  These tools establish real-time integration to your online financial accounts that make up most of your assets and liabilities. 

They also provide manual notations, and some offer other helpful features around financial planning.  However, they do not provide a single repository for storing all elements of a comprehensive online estate plan.

Choosing MyFamilyPlan for Your Online Estate Plan

An Online Estate Plan is more than just a set of legal documents, and an inventory of assets and liabilities.  An Online Estate Plan should provide a checklist and repository for organizing all the details of your life in one place — financials, estate documents, real estate details, business details, bills, contacts, funeral instructions, postmortem planning, and more. 

MyFamilyPlan does this and more.  MyFamilyPlan is a groundbreaking Excel-based digital tool designed to simplify and streamline estate planning for families. This innovative product allows you to capture all elements of your estate and organize your affairs, ensuring your loved ones are well-prepared and cared for in the event of your passing.  This toll augments what you already have in place today and addresses the final element of an estate plan – Ongoing Organization.

For more information, visit www.myfamily-plan.com.