As you develop your estate plan, your thoughts will naturally turn towards your funeral arrangements and the legacy you leave behind. Today, while choosing your tombstone, monuments, or other permanent marker, your available choices have expanded considerably beyond the traditional options. For some people, the option of choosing a digital marker is rather appealing, especially given the rather limited space and options that come with tombstones or other grave markers.

If you already have a presence on the Internet, you may wonder what happens to that presence after you die. For example, it’s estimated that about 400,000 Facebook users die every year in the United States. Where does their Facebook information go? What happens to their pages, or their websites?

While you cannot always choose what happens on another company’s website, or something on a social media page, you can leave a digital grave marker. This Will allow you to the ability to control your legacy better by including photographs, video, audio files, digital images and other digital information of your choice.

However, you should use caution if you choose to use any digital tombstone service. Technology changes so rapidly that what may seem like a good idea today may not exist tomorrow. If you are worried about an online presence where people can remember you, you should consider using redundant services or making specific directions in your estate plan.

Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.

Legacy planning is an advanced form of estate planning that allows you to leave special funds and special bequests to your family and your community. So, is a legacy plan right for you? To decide, you must weigh the benefits against the financial cost.

Benefits

You can tailor a legacy plan to provide special funds and inheritances for your family and community. For your family members, you can use Irrevocable Trusts tailored to their needs and your desires. Such Trusts make inheritances easier if your children are minors, if you are part of a blended family, or if you simply want to leave a special inheritance for each family member.

For your spouse you can create an AB Trust, which allows you to divide your estate in half for tax purposes as well as providing asset protection for life. For your children and future generations you can create a Dynasty Trust that will provide continued financial support as well as asset protection.

You can also leave a special sentimental inheritance for your loved ones. To leave them with a piece of your personal and family history, you may want to consider creating one or all of the following: personal letters to each loved one, a written memoir or a written family history.

You can also use a legacy plan to leave special funds to a charity via a Charitable Trust. Such a Trust allows you to provide continued assistance to a cause close to your heart even after you have passed away. A Charity Trust also lowers your estate taxes and provides income tax benefits.

Costs

Because a legacy plan allows you to create special inheritances tailored to each beneficiary, the creation and maintenance of this plan may be costly. The longer a Trust lasts, the more maintenance fees will eat away at funds. If the inheritance you wish to leave is not substantial enough to warrant the cost, you may prefer a different form of estate planning.

Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.