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grokfinance t1_iy5y5ug wrote

Reply to comment by AdditionalAttorney in Will I be taxed on stocks inherited from a living trust? by jetpackforspacezebra

https://www.suzeorman.com/blog/Revocable-Living-Trust-Do-You-Need-One

Another resource is Nolo. Nolo is an amazing publishing company that publishes books on a whole range of self-help legal topics. I've been following their stuff for decades. They have great educational content on their web site for free and excellent books / e-books you can buy on topics like wills, trusts (and a whole lot more). Today they are having a 40% of Cyber Monday sale too.

https://www.nolo.com/legal-encyclopedia/living-trusts

Essentially there are 4 estate planning documents that you need: 1) a will, 2) a living revocable trust with an incapacity clause (helpful for everyone, really needed once you have a house and/or kids), 3) durable power of attorney for finance and 4) durable power of attorney for healthcare. Wills only come into play when you die. The much more complicated situations are when you are still alive but incapacitated (stroke, illness, accident, etc).

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AdditionalAttorney t1_iy5ypc4 wrote

Great thank you so much!

I’ve also seen abt needing to have a digital power of attorney. Basically a way for who you name to have access to passwords and online things.

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grokfinance t1_iy5zcom wrote

You can put wording into your will / power of attorney to grant access to your digital assets. Some of the big companies like Google allow you to name someone. They call it Inactive Account Manager.

https://www.theverge.com/22812264/digital-legacy-death-estate-google-apple-how-to

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AdditionalAttorney t1_iy5zrer wrote

Oh this is great!!

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grokfinance t1_iy60i0v wrote

Out of curiosity I went back and pulled up the wills I did for family members last year to check the wording. Now I am not a lawyer so I cannot and am not giving legal advice, but this type of language is what can go into a will...

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Digital Assets. My executor may access, handle, distribute, and dispose of my digital assets, and may obtain, access, modify, delete, and control my passwords and othis electronic credentials associated with my digital devices and digital assets.

For the purpose of this Will, “digital assets” includes the following:
Files stored on my digital devices, including but not limited to, desktops, laptops, tablets, periphisals, storage devices, mobile telephones, smartphones, and any similar digital device now or later developed; and
Emails received and sent, email accounts, digital music, digital photographs, digital videos, software licenses, social network accounts, file sharing accounts, financial accounts, banking accounts, domain registrations, DNS service accounts, web hosting accounts, tax preparation service accounts, online stores, loyalty program accounts, affiliate programs, othis online accounts and similar digital items, regardless of the ownership of any physical device upon which the digital item is stored.

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AdditionalAttorney t1_iy63w73 wrote

Ok cool. Makes sense. I mostly wasn’t sure how wide spread it was. Like if I showed that to google how hard would it be to get access. I’m also not a lawyer haha You’ve given me lots of good links to look at. Thank you!

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