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 Here's a question I'm seeing more and more from my readers...
"Is it a good idea to use do-it-yourself software or websites in preparing your estate plan?"
The answer is both Yes, and No.
First off, estate plan preparation software for individuals is nothing new. It has been around since the early days of the personal computer and went online as the internet boomed.
Many estate planners understandably raise cautions about the software.
They don't necessarily allege there are mistakes in the most used software. Instead, estate planners like to point out that users might make mistakes or not know to take all the actions that would benefit them.
A trained and experienced estate planner might develop a better plan.
Also, the software isn't going to help with tax planning.
I've reviewed and used several of the estate planning software tools over the years. I am most familiar with Nolo's Quicken WillMaker, but there are others.
I conclude that, as with tax return preparation software, the programs are worthwhile for many people but not everyone.
Many of the estate planning programs are created with the guidance of estate planners and other experts. The programs recognize that the rules vary from state to state.
One of the first steps is to enter your state of residence, and the software prepares documents using the laws of that state.
Each program contains explanations and guidance that help you decide which documents and options to select for your goals and situation.
The estate planning software available is very useful for young adults who don't have a lot of assets or complicated estates.
They need only basic, traditional estate plans, and don't need to spend a lot of money seeking legal advice.
The software also can be good for many older people who don't have complicated estates and families.
It can be used to set up a living trust to hold most assets and a will to cover other assets and issues.
You also can prepare advance medical directives, powers of attorney and other key documents.
Estate planning software should work fine in basic, straightforward situations, such as when you plan to leave everything to your spouse and to your children if your spouse pre-deceases you.
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You should create a comprehensive inventory of your digital life, and many people are surprised by the extent of this inventory.
A digital asset is any online account or service that is protected by log-in security.
Obvious digital assets are email, social media, message board accounts and subscriptions.
Your computer, computer files, files you store on "cloud accounts" and any web domains you own also are digital assets.
Online financial accounts, of course, are indeed digital assets. A smart phone and all the apps and other items on it are digital assets.
Medical records are being digitized and accessible online, making them part of your digital estate. Automatic payments still are an often-forgotten item in this process.
Make a list of all automatic payments, whether they are deducted from a financial account, charged to a payment card, or paid through some other means.
Remember that some payments are annual, so your list might not be complete after reviewing only one month's automatic payments.
There are a number of hybrid assets, such as a brokerage account for which transactions can be made online, over the telephone, or in person.
Hybrid assets should be included in your digital inventory if you have activated the online or telephone access.
Your executor and heirs need a complete compilation of all your digital assets and accounts, including all the items listed above and any others you can think of.
Start with your smart phone.
This is important, because the best security policy now is to require two-factor authorization for online accounts.
That means after entering the password, you have to enter a code that usually is sent in a text message to a cell phone.
Most of your digital life won't be accessible without access to your phone.
Describe all the ways of accessing your smart phone.
For many, the initial access is biometric, such as a fingerprint or facial recognition.
Be sure your phone has an alternative secure way of accessing it, such as a password. Give clear instructions in your digital asset inventory.
Both Apple and Google have legacy contact features that allow you to designate who has access to your phone and other accounts with Apple or Google after you pass away.
Facebook (now Meta Platforms) also has such a feature. Be sure to use these in addition to regular estate planning tools.
In Part 2 next week, I'll share more tips for incorporating digital assets into your estate plan, including a few surprises. | | To a better retirement,
Bob Carlson
Editor, Retirement Watch Weekly | | | Editor's Note: According to the Survey of Consumer Finances (SCF), nearly half of all U.S. households have no money at all saved for retirement. Among those already retired, the savings rate is better... but still only $171,000 in 2022. Yet there is simple, but little-understood solution to this looming retirement crisis. If investors quickly enough, they can LOCK IN a regular source of extra income with annual returns as high as 11.1%, guaranteed for life. There's only one downside: this rare opportunity to lock in DOUBLE-DIGIT returns for life may not be available much longer. Click here to find out more! | | | SPONSORED  If you want to trade smarter (not harder) and be prepared for this week's markets, then you're not going to want to miss out on this.
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New to the Retirement Watch Community: SeniorResource.com
Probate is a process that many people wish to avoid, and for good reasons. First, it can be time-consuming and stressful at a time when a decedent's loved ones are already dealing with grief. Additionally, it can be expensive, incurring more and more fees the longer it drags on. Fortunately, there are ways to avoid probate and streamline the settlement of your estate. Click here for tips on avoiding probate and preserving your assets! | | About Bob Carlson:
 Robert C. Carlson is the author of the books The New Rules of Retirement and Retirement Tax Guide, editor and investment director of the popular retirement newsletter, Retirement Watch, and editor of the free weekly e-letter, Retirement Watch Weekly. Bob is a frequent speaker at investment conferences around the country, and you can also hear Bob as a featured guest on nationally-syndicated radio shows, such as The Retirement Hour, Dateline Washington, Family News in Focus, The Michael Reagan Show, Money Matters and The Stock Doctor. | | | | | |
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