The new year is a good time to review your estate plan and make any necessary changes. For those who created a plan years ago and have not taken the time to update it, you may want to consider going back and revising it or adding new elements. The changes you may need to make don’t always come specifically because of changes in law, but rather because of changes in how we live and the continued advancement of technology.

Computers

Everyone who has an e-mail account, digital photos, or any kind of important information stored on a computer needs to consider what might happen in the event you become incapacitated or die. A good estate plan will carefully inventory all of your digital assets as well as make it possible for your executor to access needed information if the time comes. If you have more significant digital assets, such as online business information, a personal blog, or you own any websites, you will need to make sure your digital estate plan is always kept up-to-date.

Pets

Many older people find that having a pet is not only a great comfort, but taking care of their pet is something they want to consider when they create their estate plan. You can create a plan that provides security for your pet should it outlive you. By creating a pet trust and setting aside property to provide for the pet’s care, you can rest assured that your pet will be cared for should you no longer be able to do so.

Raymond J. German, LTD. is a member of the American Academy of Estate Planning Attorneys.

A lot of people in North Dakota and Minnesota created estate plans when they were younger, primarily to protect their children and ensure a healthy inheritance. As people get older and their children grow up and move away, many of those who haven’t changed their plans in a while find that their needs and desires change. For a lot of these people their pets become very important to them, and providing for their pets after they die is something they want to add to their plans.

If it’s been some time since you created your estate plan or you didn’t create a plan that took your pet into account, you’ll want to speak to your attorney about creating a pet trust right away.

Pet Trusts

A pet trust allows you to set aside some money to provide for your pet’s care after you die.  When you create a pet trust you will nominate a trustee who is responsible for managing the money and ensuring the expenses are paid for. You will also appoint a caregiver who will actually take care of the pet, as well as appoint replacement caregivers if the original is unable to serve.

State Differences

Unfortunately, if you live in Minnesota you do not have the option of creating a pet trust. Minnesota is one of the four states that do not have a pet trust law. North Dakota residents can create a pet trust, but Minnesota residents will have to speak to your estate planning lawyer to explore options available to you.

Raymond J. German, LTD. is a member of the American Academy of Estate Planning Attorneys.

Until very recently, the tombstone was the only real option most people had when choosing what form of permanent legacy to leave behind. These monuments of stone and marble, though durable, offered very little in the way of leaving behind something easily accessed and more substantive to remind others about your life. Now, however, new websites are allowing people to create digital memorials that may last much longer and at least offer the chance to leave behind more than a few words.

Digital tombstones

A digital tombstone allows you to assemble information about your life in one place. You can keep photographs, letters, videos, and other important information about your life so that your family and friends can view it online whenever they choose. These services also allow others to leave their own recollections about you.

Digital Thumbprints

If you are uncomfortable with the idea of leaving behind a digital legacy, you may want to consider that there is probably already something on the Internet about you. What is currently out there is probably very erratic and does not present a complete picture about your life.

Digital Estate Planning

Apart from your digital memorial, you’ll also want to consider any private information that you have either online or on computer files. If this information is secured by a password or simply hidden in a computer hard drive somewhere, it may be hard for your family to locate and access it to use in any digital memorial. This is why it’s important to include clear instructions about how to access any digital information you have in your estate plan.

Raymond J. German, LTD. is a member of the American Academy of Estate Planning Attorneys.