A shocking 32% of Americans would rather do their taxes, get a root canal, or give up sex for a month than create a will! Prince, unfortunately, was in that group. In the three years since the musician Prince has passed away without a will (leaving behind roughly $200 million), the estate has blown through $45 million in administration costs alone.-Forbes, April 29, 2019
This is a useful overview of the documents essential to estate planning, including wills, trusts and powers of attorney:
The costs of estate planning can be critical for the average family if the basics are not in order. As previously mentioned, when working with clients, I also incorporate a list of digital documents, passwords and access that can be protected to be accessed after death. Most of the TOA (Terms of Service Agreements) generally default to closing the account and restricting any transfer outside of the account owner’s instruction. There are currently no legal provisions in place within a standard TOA to transfer digital assets in the event of death; therefore, planning is critical. If you would like assistance with reviewing any current estate planning documents or developing a plan to transfer assets, whether physical or digital, I would welcome the opportunity to work with you and your family.