In today’s digital era, estate planning extends beyond managing physical assets like property or bank accounts. With our lives increasingly conducted online, digital assets are becoming a crucial aspect of modern estate planning. This includes social media profiles, online bank accounts, digital currencies like Bitcoin, and more. But have you considered what happens to these digital assets in estate planning after you’re gone?

While MOST people ASSUME only the uber wealthy NEED to WORRY about asset PROTECTION, those with LESS wealth and FEWER assets may be at even GREATER risk. For example, if you’re a multi-millionaire, a $50,000 judgment against you might not be that big of a burden. But for a family with a modest income, home, and savings, it could be catastrophic.

Following the DEATH of the policy HOLDER, the way in which PROCEEDS from a LIFE insurance POLICY are paid TO the BENEFICIARY (or beneficiaries) is KNOWN as the SETTLEMENT option. And you might be surprised to learn that there are a variety of settlement options available besides the most common method—a lump-sum payout.

Do a Google search for “ONLINE estate PLANNING documents,” and you’ll find dozens of different WEBSITES. From Legal Zoom® and Willing.com to Rocket Lawyer® and Willandtrust.com, these do-it-yourself (DIY) planning services might SEEM like an enticing BARGAIN.

A last will and testament can ensure your wishes are respected when you die. But, if your will isn’t legally valid, those wishes might not actually be carried out and instead the laws of “intestate succession” would apply meaning that the state decides who gets your stuff, and it’s very likely not to be who you would choose.