I recently had an enquiry from a Mind at Rest Wills client regarding the best way to approach storing and preserving a single digital file that was only to be opened by one nominated person in the event of their death. Hence the name of this post.
Now because the file in question was in digital format, it soon became very clear that a standard real-world Will, would not do the job and different areas needed to be explored in order to meet my client’s needs.
What is a Notary Public?
If a member of your family has recently died whilst owning assets such as overseas property and they did not make a Will in the country their property is located in.
It is very likely that in order for the appropriate overseas authorities to be able to transact with you. They need to be sure that the documentary evidence you are giving them is genuine.
To prove that your documents are valid and that you have the right to act on the deceased behalf, the particular country’s authorities may require the document to be notarized by a notary public.
A question I am asked on a regular basis is what is Estate Planning ?. Whilst people are aware of the need to make a Will and are motivated to do so by their wish for their loved ones to benefit from their estate in the event of their death. They are often not aware that making a Will is only one part of fully protecting their estate.
The term De minimis is a Latin expression meaning minimal things, that are so minor as to be negligible, trivial or trifling. The term itself is often used to describe exemptions in government rules and regulations. For example where tax is not payable.
Trust De minimis Explained
When arranging a Will for a client that requires the proceeds of their estate to be directed to one or more discretionary trusts, a small De minimus sum (usually £10) is required to create each pilot trust.
If you have not already heard of terms such as Digital Legacy, Digital Inheritance or Digital Will, it is only a matter of time before your attention is drawn to this subject matter. A matter of what some may call an “Alternative Legal Position” that now needs to be seriously debated and considered.
There is no doubt ones interpretation of the legalities surrounding your online assets will change as both the internet and the law that may govern it evolves over time.
After reading Jason Cherrington’s recent blog post The Funeral Plan Whats The Point it got me thinking about the similarities between the role of real-world funeral directors and what we do to ensure peoples wishes for their online legacy’s are carried out.
For the funeral director, whose work involves a highly complex and sympathetic set of skills, the funeral is a method whereby the needs of the family are performed in accordance with local statutes and historical law.
Written by Paul Golding from Cirrus Legacy
Edited by Jason Cherrington Mind at Rest Wills
We are very pleased indeed to welcome back one of our popular guest posters, Paul Golding from Cirrus legacy. Paul has been working closely with Jason, senior estate planning consultant at Mind at Rest Wills, helping to keep people updated on the new growing need for a greater understanding of whats happening in the online cloud we all call the internet.
Nowadays, people need to not only consider traditional wills and estate planning methods for their real-world assets but also need to look closer at protecting their digital assets held within the cloud.
Why would using a professional trustee be a good move?
In previous blog posts I have talked about the differences between standard Wills versus Wills and Trusts One of the reasons that people set up a Will directing the proceeds of their estate into Trust is to protect the estate from potential inheritance tax costs and to reduce the risk of their home being sold to pay for care fees. The aim of this article is to provide further information to those of you that have taken the route of a putting an estate plan in place, utilising both Wills and Trusts.
Applying for Probate when a loved one dies
I spend a lot of time with client’s and prospective client’s helping them understand the importance of making a Will. Putting effective Estate Planning solutions in place to ensure their loved ones are taken care of when they pass away. Although in the first instance many people do not like to talk about the subject of planning for their death, read my blog – whats your excuse?.