Our lives as human beings are full of uncertainties. We cannot tell when we will become incapacitated or when we will breathe our last breath. The clock is fast ticking, so the only thing we remain with is to hope for the best and plan for the worst. Here in this article, a review of how you can get your affairs in order before you die is presented. It will save your beneficiaries from a tiresome act of looking for justice which may again be ruled against their wish. We will explore how to get your digital affairs in order and make your financial assets distributed well among your beneficiaries in the event you die.
Well, we cannot control everything that happens to us, but we can plan for our future events and the future of our dependents or our beneficiaries, including your spouse, your children (biological or adopted), and everyone whom you would want your portion distributed to once you die. You will need a will attorney and a probate lawyer to help you through the process.
What most individuals do not conceive is that death might not strike at once but might take a process. You can be incapacitated first before you die. In such a scenario, if you do not have the necessary legal documents, you will be subjecting your loved ones to the tiresome process of determining your finances and medical decisions through courts. Let us explore these essential documents that you should consider having. These documents are:
- Durable Power of Attorney
- The Will
- Advanced Healthcare Directive
Durable Power of Attorney – this legal paper is meant to determine who will become your financial decision-maker at the moment that you are not able to make decisions for yourself, for example, when you are in a coma. For example, the person you assign under a power of attorney can trade on your behalf in your stock markets.
The will—a will legal document that declares how you want your assets distributed after your death. It is increasingly necessary to have an attorney draft a will and a probate lawyer to help your family execute the will once you are dead.
Advanced Healthcare Directives are a written expression of your wishes and decisions when you become sick and cannot make decisions yourself.
What Should Happen to Your Digital Assets Once You Die?
With these times of technology, people are shifting to having digital assets more than tangible or physical assets. You might be having a bitcoin account with bitcoins in it. You might also be having specialized accounts like Facebook pages or a Youtube account. Digital content like the music you bought, how will you make your beneficiaries benefit from it? For these, you can give instructions to your trustee on how to access the digital assets.
You can also define what actions to be taken to your accounts after being inactive for a certain period.
It is an excellent practice to have legal documents to help you during unprecedented times and define how your digital assets are distributed before your demise. Do not fret; death is a natural process, but planning for your loved ones through the legal process is paramount.
Author information: Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter: @RachelleWilber