Tag: asset protection

Protecting Your Digital Assets As Part Of Your Estate Planning

protecting-your-digital-assets-as-part-of-your-estate-planning

Did you know that when you begin creating your comprehensive Florida estate plan that you can include your digital assets? Your digital assets could include a range of electronic records, including everything from social media accounts to digital photos, to email, to online accounts. In addition, have you thought about whether you need to protect your digital assets?  Do you know how to protect them? Part of securing your digital assets may be planning for the future with your Florida estate plan. Did you know that digital assets can be included in your estate planning? The following recommendations may help you know how to include digital assets in your estate plan while, in the meantime, keeping them secure.

The protection and preservation of all your passwords is critical in addressing the security of your digital assets. It can be very difficult to keep track of all of the different passwords you use to access your different accounts on a frequent basis.  One recommendation to help you keep track of your passwords would be to make a written list and keep it in a locked desk drawer, lock box or home safe. Next, we recommend that this list be kept where you can access it frequently for whenever you need to make updates to your list. Another recommendation is that the passwords you choose should be strong and not easily guessed. In addition, it is recommended that you should change your passwords often, even if only once a year. Be vigilant in checking on your digital assets to ensure your passwords have not been compromised. If they have, update them immediately. 

So, is it possible to have your digital assets as part of your estate plan? Yes. There are digital assets that are financial, like a digital Paypal, Venmo, or bitcoin account. Some digital assets are sentimental, like a collection of photographs or videos of your children and grandchildren. We recommend that you have a trusted person who will be able to access these assets after you pass away.  We recommend that you pick a “password person” who can be trusted with your password  information and keep this trusted person informed of where you keep your password list so he or she can access it when the time comes. When working with your Florida estate planning attorney, you may wish to detail who should have access to your digital assets when you create your Florida will, or leave your personal representative instructions in regard to your passwords. 

We know this article may raise more questions than it answers. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.

Prenuptial Agreements and How They Affect Your Estate Plan

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Are you and your future spouse considering remarriage? As you both look at your assets and your children from former marriages, are you wondering about a prenuptial agreement, but not sure how it would help?  In addition, are you wondering whether you need to look at your Florida estate plan and determine whether a prenuptial would help or hinder your estate plan? These are all good questions to ask, contemplate and find answers before you remarry. Let us share some answers with you.

To begin, a prenuptial agreement is a contract between two parties who intend to marry. This contract will outline exactly what property the parties agree to keep as separate, non-marital property and how that property will be divided in the event of a dissolution of the marriage or the death of a spouse. Now, a prenuptial agreement should not have a negative connotation because entering into a prenuptial agreement does not mean you do not have faith in your upcoming marriage or want to plan for a divorce. Let us share with you two reasons why a prenuptial agreement is important.

  1. The first and main reason to enter into a prenuptial agreement is that then you and your future spouse can outline how your own property will pass when you die if you have children outside the marriage. In most states, if you have a surviving spouse, you cannot leave all of your estate to your children. It does not matter what your will says; the surviving spouse typically can elect to disregard the will and inherit up to one-half of the estate, depending on the state’s laws. A prenuptial agreement governing the distribution of assets can help to ensure that your property passes to your children and your surviving spouse in the proportions that you desire rather than the proportions outlined in your state’s laws.
  2. A second reason for entering into a prenuptial agreement is that you want to dictate to whom you wish to leave valuable assets acquired prior to the marriage. If you do not have a prenuptial agreement, those assets may become part of your estate that can be inherited by your spouse upon your death. If your desire is to leave those assets to someone other than your spouse, your will or trust alone may not be enough because of the rights given to spouses under the laws of most states. Therefore, including that information in a prenuptial agreement can help ensure those assets pass in the way in which you intend.

Most importantly, if you are marrying, or remarrying, we highly recommend that you consult a qualified Florida estate planning attorney. She will be experienced in these issues so that you can be certain you incorporate a prenuptial agreement into your estate planning.

We know this article may raise more questions than it answers. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.