Have you ever thought about what happens to your social media accounts when you pass away? Do you consider yourself familiar with the legal frameworks that need to be put in place to ensure your spouse has access to all of your online accounts? Our guest this week is Hannah Shakin, an attorney in Downey Brand’s estate planning department. Hannah is a qualified estate planning, probate, and trust administration specialist. Throughout the episode, Hannah shares her insight on the ins and outs of digital estate planning, as well as how you can protect yourself from making the common mistakes she sees regularly in her practice.
[02:15] Hannah’s Background – Hannah shares her background and describes what she does on a day-to-day basis at her practice.
[04:42] Digital Estate Planning – Hannah describes both the evolution and the current state of digital estate planning.
[15:33] RUFADAA – Hannah details the elements of The Revised Uniform Fiduciary Access to Digital Assets Act.
[19:45] Facebook – Hannah discusses social media accounts, and what happens to them when you pass.
[23:47] Digital Assets – Hannah defines what is considered a digital asset and explains why it is vital to establish a living trust to avoid probate.
[35:49] More on Estate Planning – Hannah explains why individuals must modify their estate plans, and shares which assets will or will not be passed into a trust.
[44:41] Contingency Planning – Hannah discusses the importance of your exit strategy aligning with your estate plan.
[47:28] Common Mistakes – Hannah identifies the most common mistakes that she sees business owner’s make in her practice.
[52:24] IRA and Trust – Hannah elaborates on various facets of individual retirement accounts and trusts.