Online Estate Planning: Organize Your Life with MyFamilyPlan
Take control of your future and secure the well-being of your loved ones by creating a comprehensive estate plan that truly makes a difference. Online estate planning tools like MyFamilyPlan have made this process more accessible and convenient than ever before. 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.
The process of online estate planning may seem overwhelming, but it all starts with a simple step: establishing a Will, a Trust, or both. These essential documents form the foundation of your online estate plan, ensuring that your wishes are carried out and your assets are distributed according to your desires.
How Online Estate Planning Works
Here at MyFamilyPlan we pride ourselves on having the best online estate planning tools. The beauty of our online will and estate planning tools is that you can edit them and change them at your own leisure. You can take your time, and carefully consider your options, make informed decisions, and creating a plan that reflects your values and priorities.
By taking action now and taking your estate planning online, 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.
Creating an online will and estate plan may seem overwhelming, but we have made it easy to access and understand using our MyFamilyPlan tools. These essential tools form the foundation of your online estate plan, ensuring that your wishes are carried out and your assets are distributed according to your desires.
Will
A Will is 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 Trust is 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, online estate planning 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 well architected Will and Trust references assets and liabilities in a general manner to help avoid unnecessary amendments to your legal documents.
Using online estate planning services 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 online estate planning tools establish real-time integration to your 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 estate plan, but MyFamilyPlan does. That is why we provide the best online estate planning tools, we deeply understand and know our customers, and want to help.
Best Online Estate Planning Tool: MyFamilyPlan
An online estate plan is more than just a set of legal documents, and an inventory of assets and liabilities. Online estate planning tools like MyFamilyPlan understand customers' needs better than others. That’s why MyFamilyPlan provides 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 online estate plan – Ongoing Organization.
Everything is in One Place. Organized!
Peace of Mind
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