No one would say that the laws impacting estate planning change frequently. And that’s good. We need them to be relied on for years, consistent from generation to generation. For example, can you imagine what would happen if laws regarding how individuals inherit wealth changed every few years? Neither can I, and I don’t think we need to worry about it. That said, there are changes taking place in the estate planning world, not laws, that you should know about. Here are a few relatively new ones for your consideration for your estate plan.
INCORPORATING DIGITAL ASSETS
Twenty years ago, no one was concerned about this. Now, more and more individuals are being advised by their estate planning attorneys to include instructions for their digital assets, like online banking and cryptocurrency, and designate someone to manage these accounts after they pass. Part of this is to ensure you have a secure way to store and share passwords.
GREEN BURIAL OPTIONS
Individuals now have several options beyond traditional burial or cremation. Many now consider environmentally friendly options, including natural burials, biodegradable urns, or having their remains turned into a tree.
PHILANTHROPY & SOCIAL IMPACT
Americans are some of the most generous people on the planet, and donating some of your assets to a good cause might appeal to you. Check out Charitable Remainder Trusts (CRTs) and Donor-Advised Funds.
PET TRUSTS
Recent surveys show that 66% of US households now have at least one pet, and many, perhaps the majority, consider those pets part of the family. As such, estate planning professionals are seeing continued trends in making plans for those pets, including setting aside funds and designating caregivers.
ETHICAL WILLS
A term currently used to describe a document that shares your values, life lessons, and hopes for your family’s future. This can be a meaningful complement to the legal aspects of estate planning.
FLEXIBLE TRUSTS
There are various trust options. Two that are gaining popularity now are discretionary trusts, which give trustees flexibility to decide when and how to distribute assets to beneficiaries, and sprinkling trusts, which allow trustees to distribute income among beneficiaries in varying amounts, adapting to their changing needs.
These “new trends” are just examples of what is available when creating your customized estate plan. Whatever your unique needs or goals are, I would be honored to help you create the perfect estate plan that fits you and your loved ones. Call me at 513-399-7526 or visit my website, www.davidlefton.com, for more information.