- Consider Digital Estate Planning Services.Here is an excellent article detailing what exactly this entails. This includes not only online social media accounts, such as with Facebook, but also includes for example, data files, word files, online storage accounts, or email accounts. This area is an excellent opportunity to discuss your planning goals with your attorney, and determine a course of action to ensure your needs are met.
- Consider a Spendthrift Trust. A Spendthrift Trust gives you the ability to make sure that your child doesn't drain their trust, but also that they are well provided for over time. Rather than, for example, breaking down the distribution of your trust into 3 or more installments, consider the long term option of a spendthrift trust.
- Revisit your Estate Plan as often as necessary. I cannot emphasize enough the importance of revising your estate plan anytime a major life event occurs. For example, if you separate or divorce your spouse, consider the impact of the bequests in your will to your former spouse or issues relating to child custody. By consulting with your lawyer, you can ensure that everything will be taken care of according to the new circumstances.
- Rather than a codicil, execute an entirely new will. Codicils are legally executed documents that serve to amend prior validly executed wills. Rather than relying on these documents, which may become confusing or get lost, consider executing an entirely new will when making revisions. Because codicils usually require the same sorts of legal validation (witnesses, signature of testator, and notarization), and your lawyer will likely have an electronic format of your prior will, executing a new will may be as simple as changing the text in the former document, and printing out a new copy.
These are just some considerations to keep in mind when hammering out your Estate Plan. Additionally, you can always make a list of your goals and desires to have on hand during your initial (or subsequent) visit with an Estate Planning Lawyer.
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