Estate Planning 101

Classic business models face increasing challenges with the meteoric increase of both digital data and its storage. Systems for the creation and preservation of such data also change at a rapid pace. When one digital protection system is in place, a new system is already needed to accommodate the latest technological inroads.

Along with the legitimate creation and storage of digital data, piracy of and illegal intrusion into that data shows alarming and sophisticated growth. At any given moment, digital warfare rages on the front lines of technology. Businesses must devote an ever-increasing number of resources, both in personnel and equipment, to stay ahead of data breaches.

As an Arizona resident trying to figure out the best way to preserve your wealth for your loved ones down the line, you may be exploring your options and trying to determine how to maximize what you leave behind. While a traditional will is one way to leave something behind for your loved ones, there are typically other options at your disposal, and one such option involves establishing a trust.

Trusts are fiduciary arrangements that allow you to leave assets behind to beneficiaries in a format that can result in considerable savings for them after your passing. Though trusts may prove a bit more complicated to create than a standard will, they offer several benefits that can mean your loved ones get to keep more of your hard-earned legacy for themselves. While trusts come in an array of different formats, there are certain advantages that most trusts offer that make them particularly appealing to many people. More specifically, trusts allow you to:

If you have already created your will and feel your estate plans are solid, you might be sadly mistaken. While your family should be grieving and coming to terms with your passing, they might end up fighting amongst themselves over the contents of your will. 

It is not uncommon for disputes to happen when sibling rivalry and other issues arise that cause everyone to want what you have left behind for someone else. Before you put your will and estate planning documents aside, consider the following pointers to help prevent disputes over them: 

After you pass away, your physical presence is missed by your loved ones who are left mourning your loss. Often they will spend time looking at your old photos to remember you or see an item of yours they inherited and think of you fondly. But what happens to your digital presence after you die? How does that factor into the way you are remembered?

Social media is a ubiquitous part of many of our lives, regardless of age. For a number of us, it is the new photo album that used to sit on the coffee table or the journal where we wrote with our thoughts and witticisms. Those things are precious to the people we leave behind. Luckily, for most major social media platforms, not all is lost upon our death.