What Are the Best Practices for Incorporating Digital Assets Into Your Florida Estate Plan?

Planning for Your Tomorrow, Today

Estate planning is a legal term used to describe the necessity of preparing for the eventualities of growing older, such as death, chronic illness, or incapacitation. Estate planning has many aspects that involve wills, living wills, trusts, and sometimes power of attorney. There are multiple benefits to estate planning, even for those who don’t have many tangible possessions or who may be young. A well-thought-out estate plan is a loving gift to your family members during the difficult period after your passing or your illness. Our skillful estate planning attorneys are available to answer any questions. At The Law Offices of Erin Morse, your future is our business. Call 407-900-7451 for a detailed case evaluation today.

What is Probate?

In the event of a death, the estate goes through a process called probate. The executor of the estate must come forward to begin the legal process. The executor is someone that you have selected to oversee your affairs after you pass away. You should choose someone you trust for this role.

If there is a will, the executor must file it with the probate court. Other forms may be filed, and fees must be paid. If there is one, the will will need to be authenticated, which should be shown as the last word and testament of the deceased. The estate executor can expect their role to last anywhere from six months to one year.

Some types of property are passed automatically under the law, while some are required to go through probate. Florida’s probate process is more time-consuming than most people realize. Effective estate planning can help mitigate some of these headaches.

What are Some of the Potential Benefits of Estate Planning?

Proper planning will help prevent:

• The loss of up to 10% of your assets in the probate process
• 100% of your assets are going to pay for the cost of a nursing home or in-home care
• The court decides who will care for your children in the event of your death or probate costs cutting into their inheritance.

A seasoned estate planning attorney will help you with the paperwork and other documents required to ensure your final wishes are clear, undisputable, and properly drafted and executed.

What Are Digital Assets?

Aging in today’s society is more complex than it used to be. In today’s fast-paced world, we are connected to technology in nearly all realms of our lives. It’s difficult to imagine a world without it, which extends into your estate planning. Digital Assets include those things that are stored electronically or on the cloud. They might be things like:

• Email accounts
• Social Media Profiles
• Digital videos and photos
• Online investment and banking accounts
• Cryptocurrency holdings
• Subscriptions and memberships
• Digitally managed intellectual property
• Personal data and documents stored in the cloud

The first step toward comprehensive digital estate planning is to create a thorough inventory of all your digital assets. Be sure to include all documentation, such as login credentials and passwords, account numbers, and any other important access information.

Next, you will need to designate a digital executor. This individual functions much like a traditional executor would, except that it should be someone you trust who is also technologically savvy.

Does Florida Have an Estate Tax?

No. As of 2004, there is no separate Florida estate tax. However, you may still be liable for federal estate taxes. For this reason, you should speak to us, particularly if you have a large estate with many digital assets. Many people are uncomfortable when the topic of death is mentioned. Especially when it is their own, no one wants to think about their passing, and no one wants to think about the inevitable grief their family and loved ones will be feeling when this sad event occurs. Unfortunately, it cannot be avoided, and planning is a loving gift you can leave as part of your legacy. Our compassionate and understanding estate planning attorneys can guide you through it. We will do everything possible to help make this difficult transition more manageable for your family. You are our priority.

Am I Too Young To Consider Estate Planning?

Many people consider estate planning a purview of the middle-aged and elderly, but life is unpredictable and can change quickly. Young people benefit from estate planning just as much as their parents or grandparents, particularly when medical power of attorney is needed and they find themselves at the mercy of a medical establishment or insurance company.

Without a valid medical power of attorney, your spouse, parents, or designated loved ones may not have the influence to make healthcare decisions on your behalf should you become incapacitated for any reason due to an accident or severe illness.

At The Law Offices of Erin Morse, our estate planning attorneys take the stress out of planning for you. We are available to answer all your questions and are on your side from the beginning.

When Should I Call an Estate Planning Attorney in Florida?

There are few gifts we leave our loved ones that give them true peace of mind after we are gone. No one can ever truly plan for such an event; it is difficult to think about. Nobody likes to imagine dying or, worse, their loved ones being saddened by the loss. The most loving thing we can do is to discuss these matters ahead of time, both with our families and a qualified estate planning attorney. Call 407-900-7451 to schedule your case evaluation.