Wills, Estates, and Trusts - oh my!
It may seem complicated, but TrustedWill is here to help you learn about estate documents and make it quick and easy for you to establish your own legacy and make important decisions that will determine how your family and finances are handled after you are gone.
A will is a legal document that outlines how you want your assets to be distributed after you die. It should include the following:
It is important to note that a will only applies to assets that are solely in your name. Any jointly owned assets or have a named beneficiary (such as life insurance policies or retirement accounts) will pass to the joint owner or beneficiary outside of the will.
A Trust is a legal arrangement in which a person (the grantor) transfers ownership of assets to another person (the Trustee) to hold and manage for the benefit of a third party (the beneficiary). Trusts can be used for a variety of purposes, such as avoiding probate, reducing taxes, or managing assets on behalf of a minor or incapacitated person.
A will, on the other hand, is a legal document that outlines how you want your assets to be distributed after you die. Unlike a Trust, a will does not take effect until after your death, and it does not allow for ongoing management of your assets. A Pour-over will is a type of will that directs any remaining assets to be transferred into a Trust after the will-maker's death. Pour-over wills are typically used in conjunction with a Trust to ensure that all assets are properly transferred and distributed according to the will-maker's wishes.
To be considered valid, wills, including Pour-over wills, must be original documents that are signed and witnessed in the presence of a notary public in order to be considered valid. Trusts, on the other hand, do not need to be notarized and can often be digitally signed. While notarization is not required, it is always recommended as it provides an extra layer of security and authenticity for the Trust document.
There are several types of Trusts, including revocable Trusts (which can be amended or dissolved by the grantor), irrevocable Trusts (which cannot be amended or dissolved by the grantor), and living Trusts (which take effect during the grantor's lifetime). Most people use revokable Trusts for their estate plan because they can be updated or changed as necessary.
A Pour-over will is a type of will that is often used in conjunction with a Trust. It specifies that any property that is not specifically bequeathed in the will should "Pour-over" into the Trust upon the testator's death. This can be useful for ensuring that all of a person's assets are distributed according to their wishes, even if they have not been specifically mentioned in the will.
TrustedWill allows you to store Pour-over wills and Trusts together, making it easy to manage your entire estate plan in one place. Although wills, including Pour-over wills, are required to be originals, witnessed, and notarized, Trusts can be simply digitally signed, although a notarization is always recommended. This makes it much easier to modify Trusts at a later date and may not require notarization - a digital signature is sufficient in many states. It is a good idea to be familiar with your state's laws regarding digital signatures.
A durable power of attorney is a legal document that allows you to appoint someone else to make decisions on your behalf if you become incapacitated or otherwise unable to make decisions for yourself. This person is known as your "attorney-in-fact" or "agent."
When selecting an attorney-in-fact, it is important to choose someone you Trust and who is capable of handling the responsibilities of making decisions on your behalf. Many people choose a spouse, adult child, or other close family members as their attorney-in-fact. It is also a good idea to choose someone who is responsible and reliable, and who understands your wishes and values.
The durable power of attorney is an important document to have in place because it can help ensure that your affairs are managed in the way you want if you are unable to do so yourself. Without a durable power of attorney, your family members or loved ones may need to go to court to be appointed as your legal guardian, which can be a time-consuming and expensive process. There are different types of durable powers of attorney, including those that take effect immediately and those that take effect only if you become incapacitated. It is important to discuss your wishes with your attorney-in-fact and make sure they understand what you want.
An Advanced Health Directive, also known as a Living Will, is a legal document that outlines your wishes for medical treatment in the event that you are unable to communicate your decisions. It typically includes instructions for end-of-life care, such as whether you want to be kept on life support or whether you want to receive certain medical procedures.
An advanced health directive is important because it allows you to express your preferences for medical treatment and ensures that your wishes are followed if you are unable to communicate them. It can also help relieve your loved ones of the burden of making difficult medical decisions on your behalf.
You should give copies of your advanced health directive to your primary care physician, any specialists you see regularly, and your family members or loved ones. It is also a good idea to give copies to anyone you have appointed as your healthcare proxy, as well as to anyone else you want to be involved in your medical decision-making. It is important to discuss your advanced health directive with these individuals to ensure that they understand your wishes and are prepared to follow them.
A Temporary Guardianship Directive is a legal document that allows you to appoint someone to make decisions on behalf of your minor children temporarily. It is typically used when the parent is going to be away for an extended period, e.g. military deployment, a business trip, or a medical procedure.
However, a temporary guardianship directive can also be important in the event the custodial parent (or in some cases both parents) becomes incapacitated, such as in an automobile accident or some other disaster. Without a temporary guardianship directive in place, the children may have to go into foster care while legal guardianship is being determined. This can be a traumatic experience for the children and can also lead to delays in their care and well-being.
It is important to have a temporary guardianship directive in place to ensure that your children have someone to care for them and make decisions on their behalf if you are unable to do so. It can also help to avoid any legal disputes over custody or guardianship. Without clear instructions in a document like this, family members or other interested parties may have to go to court to be appointed as guardian(s), which can be a time-consuming and costly process.
Any parent or legal guardian of minor children can create a temporary guardianship directive. It is a good idea to discuss your plans with the person you are considering appointing as a guardian and make sure they are willing and able to take on the responsibilities. You should give copies of your temporary guardianship directive to the person you have appointed as guardian, as well as to any other relevant parties, such as your children's school or daycare provider. It is also a good idea to keep a copy for yourself and to review and update the directive as needed.
TrustedWill is committed to providing the highest level of security for your estate documents. The founders of TrustedWill have a combined total of over 100 years of experience in internet security. The CEO, Scott Harris, was the founder of SecureTrust Corporation, a company that provides digital certificates for online encryption, digital identities, and document signing, as well as performs logical and physical security audits. The President, Wayne Varga, owns a company that provides a variety of security audits, including WebTrust, HIPAA, and PCI, and he also teaches classes on internet security and blockchain technology at Brigham Young University in Provo, Utah. The rest of the founding team also have backgrounds in internet security. You can learn about the entire team on the About Us page.
TrustedWill uses a number of security measures to protect the confidentiality of your estate documents. These measures include:
By using TrustedWill, you can have peace of mind knowing that your estate documents are secure and confidential, and that they will be accessed by the right people at the right time.
Public Key Infrastructure (PKI) is a system that uses a combination of public and private keys to encrypt and decrypt documents. PKI is widely accepted as a secure method for creating and verifying digital signatures. It is used in many different industries and applications, including e-commerce, online banking, and secure communication.
TrustedWill uses PKI to sign and timestamp all documents to provide an extra layer of security and authenticity. By using PKI, TrustedWill can ensure that all stored documents are tamper-proof and can be verified as genuine. This is particularly important when it comes to estate documents, which may be used to make important financial and legal decisions after the customer's death.
Overall, PKI is an important part of TrustedWill's commitment to security and reliability, and it helps to ensure that your stored documents are protected and can be trusted.
Digital signatures are generally recognized as legally binding in all 50 states in the United States. The Electronic Signatures in Global and National Commerce Act (ESIGN Act) and the Uniform Electronic Transactions Act (UETA) provide for the legal validity of electronic signatures and electronic records.
The ESIGN Act, which was enacted in 2000, applies to electronic transactions and records at the federal level and preempts state law. It provides that electronic signatures and records are just as valid as their paper counterparts, as long as they meet certain requirements.
The UETA, which has been adopted by 47 states, provides similar protections for electronic signatures and records at the state level. The UETA allows electronic signatures and records to be used in most circumstances where a written signature or record is required by law.
However, it is important to note that some states have specific laws that may apply to certain types of documents, such as wills and Trusts, that may require a wet signature (a signature made with pen and ink). It is always a good idea to check the laws of your state and consult with an attorney if you have any questions about the legal validity of electronic signatures.
Some states have adopted E-will legislation and accept a digitally signed will, however, even in these states an original signed, witnessed, and notarized will is always going to be the best option.
TrustedWill allows you to store a wide variety of estate documents, including:
TrustedWill also offers a system for creating, storing, and delivering posthumous videos that can be sent to designated contacts either upon the customer's death or on a specified date after their death. These videos can be created using the TrustedWill website on a desktop or laptop with a video camera or using the TrustedWill app for iOS or Android on a smartphone. This can be a meaningful way to leave personal messages for loved ones or provide instructions for handling the estate.
Yes, you can update or make changes to your stored documents at any time using TrustedWill. You can access your documents through your account on our website or through the TrustedWill app on your phone. You can make changes to your documents and save the updated versions to your account. TrustedWill uses PKI to sign and timestamp all documents, providing an additional layer of security and assurance that your documents are authentic and have not been tampered with.
With TrustedWill, you can digitally sign your documents using PKI, which is generally accepted as a valid form of signature for most estate documents other than your actual will. A will itself generally requires notarization to be legally valid. If you are using a Pour-over will with a Trust, the Trust can likely be updated and modified and a digital signature will likely suffice in most states.
Other documents, such as durable powers of attorney or advanced health directives, only require a digital signature, which TrustedWill can provide.
It is always recommended to consult with an attorney to ensure that your documents meet all legal requirements and are properly executed. When in doubt, TrustedWill recommends that you get wills witnessed and notarized and Trusts notarized (Trusts do not require witnesses).
There are several ways to get a will notarized, however, usually the easiest and most cost-effective is to go to your bank or credit union. Most financial institutions have notaries on staff who can notarize documents for customers without a fee. They can also provide other employees to witness the signing of your will.
Other options, which may require you to pay a notarization fee and locate your witnesses include:
Before getting your will notarized, be sure to bring a valid form of identification, such as a driver's license or passport. You should also bring the original copy of your will, as notaries cannot notarize copies.
It is generally a good idea to notarize your will to make it more difficult for someone to challenge its validity. However, it is important to note that notarization is not required for a will to be considered valid in all states. It is always a good idea to consult with an attorney to determine the best way to execute your will and ensure that it is legally binding.
In most states, a will must be signed by the testator (the person making the will) and witnessed by at least two other people. The witnesses must be present at the same time as the testator and must see the testator sign the will or have the testator acknowledge their signature.
The witnesses do not need to know the contents of the will, but they must be of sound mind and able to understand that they are witnessing the execution of a will. They must also be over the age of 18.
Certain people are generally not allowed to act as witnesses to a will. These may include:
It is generally a good idea to choose witnesses who are not beneficiaries of the will, as this can help to avoid any potential challenges to the will based on allegations of undue influence or fraud. It is also a good idea to choose witnesses who are reliable and can be located if necessary to testify to the validity of the will.
A holographic will is a handwritten will that is entirely in the handwriting of the person making the will (also known as the testator). Holographic wills are not required to be witnessed or notarized, and they may be written on any type of paper. They are typically informal and may not meet all of the formal requirements for a formal, typed will.
In some states, a digitally signed will or a digitally signed copy of the will may be considered a holographic will in the event the original will cannot be located or is destroyed, either by natural causes or possibly even intentional destruction by an unhappy beneficiary. This is because the law regards a holographic will as one that is entirely in the handwriting of the testator, and in the digital age, a person's handwritten signature can be captured and reproduced digitally.
The recognition of holographic wills varies by state. Some states do not recognize holographic wills at all, while others may allow them under certain circumstances. In general, holographic wills are more likely to be recognized in states that have more lenient will requirements, such as states that allow for oral wills or wills made in a military setting. It is important to check the laws in your state to determine the legal status of holographic wills.
TrustedWill does not provide legal services of any kind and cannot advise on the validity of holographic wills. It is always recommended to consult with an attorney to ensure that your will meets all legal requirements and is properly executed.
Yes, TrustedWill allows customers to create posthumous video messages and send them either upon their death or on a specified date after they die. For example, a customer may want a grandchild to receive a posthumous video message on their 18th birthday, or maybe a video message to their spouse on their anniversary after they die.
These video messages can be created by using our website on a desktop or laptop computer with a video camera, or by using the TrustedWill app for iOS or Android on a smartphone.Yes, TrustedWill allows customers to store their life insurance policies in their digital Vault. This can be especially helpful if you have multiple policies with different companies, as it can be difficult to keep track of all the details and make sure your beneficiaries are correctly listed on each policy. By storing your life insurance policies with TrustedWill, you can keep all of your important estate documents in one place.
To store life insurance policies with TrustedWill, simply upload a digital copy of the policy or policies to your TrustedWill account. You can also provide detailed instructions on how to locate the original copies of your life insurance policies, such as where they are stored or who to contact to obtain them. This ensures that your loved ones will have easy access to your life insurance policies when they need them.
TrustedWill accesses the Social Security Administration's database daily to check for deaths. This ensures that we can quickly and accurately trigger the necessary processes to notify the customer's selected contacts and make the estate documents available to them as soon as possible after a customer's death.
In some cases there may be a delay in getting death records from local health departments to the Social Security Administration database. If there is a need to speed up this process, TrustedWill offers a Expedited Death Verification service for a fee (included in some plans). With this service, TrustedWill's staff will manually verify the death certificate directly with the local health department and then update our systems allowing contacts to access the needed estate documents and other related documents such as instructions, posthumous videos and messages, and insurance documents (if provided).
This can be especially useful in situations where access to a deceased's estate documents needs to be rushed. By providing this service, we aim to make the process of managing a loved one's estate as smooth and stress-free as possible.
To create a posthumous video for your loved ones, you can use the TrustedWill website on a notebook or desktop that has a video camera, or you can use the TrustedWill app on your iOS or Android phone. Simply record your video message, specify the recipients, and choose a delivery date. Your loved ones will receive your video message on the specified date, whether it be immediately upon your death or at a later date, such as a grandchild's 18th birthday or a spouse's anniversary.
It is unfortunately not uncommon for wills or other estate documents to be lost or unable to be located. This can happen for a variety of reasons, such as if the original documents were not stored in a safe and secure place, or if the person who created the documents did not inform their loved ones of their existence or whereabouts. An important aspect of TrustedWill's service is that you can write instructions on how to locate your estate documents, and these instructions will be sent to your desired contacts upon your death, ensuring that your original estate documents are found.
By storing your estate documents with TrustedWill, you can ensure that your loved ones will always have access to your important documents, even if the original copies are lost or cannot be found.
Yes, TrustedWill's paid plans include the option to record a video of yourself reading your will. This can be used to authenticate your will in the event the original document cannot be found and a copy needs to be admitted to probate. It can also serve as evidence that you were of sound mind and body when making your will.
A video recording of you reading your will can be used in probate to authenticate the will and prove that you were of sound mind and body when making it. It can be especially helpful if the original will cannot be found and a copy needs to be admitted to probate. A digitally signed and timestamped video can provide extra evidence of the will's authenticity.
A video recertification of your will is a video of you stating that you are of sound mind and body, not under external influence, and that your estate documents stored at TrustedWill are the most current estate documents, that you have reviewed the documents and the documents still contain your current wishes. By doing a video recertification annually, you can provide additional evidence in probate that your will is valid and up-to-date.
Doing a video recertification of your will every year can be helpful in the event someone produces an outdated will or even possibly a forgery or makes a claim that you had verbally promised something different. By providing annual video recertifications, you can help ensure that your most current wishes are carried out in probate.
Yes, TrustedWill can help you find an estate attorney to review your documents. We have compiled a list of attorneys who are in our attorney partner network and who provide discounted legal services for TrustedWill clients. You can find this list and more information about our attorney partner network through your TrustedWill account.
It is important to have an attorney review your estate documents to ensure that they are properly executed and meet all legal requirements. An attorney can also provide you with legal advice and guidance on estate planning matters and can help you understand the implications of different provisions and provisions that might be necessary for your circumstances.
TrustedWill does not provide attorney recommendations or referrals. It is up to you to decide upon the attorney you choose to work with. We encourage you to consider using one of the attorneys in our network, as they have agreed to provide discounted legal services for TrustedWill clients. However, you are free to choose any attorney you wish to work with.
The cost to have an attorney review your documents through TrustedWill varies depending on the attorney you choose and the services you require. Many attorneys in our network have agreed to review basic estate plans that only include a will and associated documents such as an advanced health directive and durable power of attorney for as little as $75. For estate plans that include a Trust, most attorneys in our network charge a flat fee of between $125-225. If your estate is overly complex, it may be best to get a quote from the attorney.
All of the attorneys in our network offer a free 15-minute consultation to discuss your estate and give you an estimate to provide the services you are requesting. You can find more information about the attorneys in our network and their fees through your TrustedWill account.
It is important to have an attorney review your estate documents to ensure that they are properly executed and meet all legal requirements. An attorney can also provide you with legal advice and guidance on estate planning matters and can help you understand the implications of different provisions and provisions that might be necessary for your circumstances.