In today’s digital age, our lives have become intertwined with technology in more ways than we can imagine. We document memories, manage our finances, and even conduct business online. These digital footprints, often called digital assets, hold immense value, both sentimental and financial. As technology advances, protecting these assets in your estate planning has become crucial. So, what are digital assets in will and estate planning, and how can you safeguard them?

Digital assets encompass a wide range of virtual property, including but not limited to:

• Social media profiles
• Financial records
• Email and communication
• Digital media
• Domain names and websites

Steps for Digital Asset Protection

To protect your digital assets effectively, consider these steps:

1. Take Inventory: Create a detailed list of all your digital assets, including logins and passwords, and instructions on management.

2. Appoint a Digital Executor: Designate a trusted individual in your will as an executor to manage your digital assets. Ensure they have the necessary knowledge and access.

3. Provide Clear Instructions: Specify your wishes for each asset. For example, you might want to delete certain online accounts, transfer ownership, or maintain them for family memories and sentimental reasons.

4. Use Online Tools: Some online services offer tools to manage virtual assets should you become incapacitated or deceased. Explore these options and integrate them into your estate plan.

5. Seek Legal Guidance: Consult with an estate planning attorney who understands digital assets and can help you draft a legally sound will that includes them.

As technology evolves, including digital assets in your estate planning is essential. By taking proactive steps to protect your digital footprint, you ensure that the handling of your online presence goes according to your wishes, providing peace of mind for you and your loved ones in the digital age. The experienced team at McCutchen McLean, LLC, can help. Contact them today to schedule a free legal consultation.

No one is ever ready for a loved one to receive a diagnosis of a serious or terminal illness. It can make you feel untethered and out of control while it affects every aspect of your life. The ill family member will need significant care, but you can’t neglect yourself in the process. Here are four tips for coping with a difficult diagnosis.

Tip #1: Seek Counseling

Talking about how you feel is essential to helping you cope with the illness, treatment, and potential death of your loved one. From anger to denial, anticipatory grief to feeling overwhelmed, a counselor can help you work through the feelings and cope with what your loved one, and you are going through.

Tip #2: Spend Time Together

Now is the time to be with your loved one. Be open to communication, spend time focusing on connection, and talk about the things you’ve neglected. Talk about the treatment, the prognosis, and what comes after.

Tip #3: Set Up a Support Network

Whether your family member is seriously or terminally ill, you need a support network. Now is the time to circle the wagons. Call on friends and family to help with daily tasks, meals, doctor appointments, and care. Take time to be with friends and loved ones, and take small breaks from being a care giver. Let others help you.

Tip #4: Do the Practical Planning

No one wants to talk about planning for a loved one’s incapacitation or end of life. However, when a serious or terminal diagnosis occurs, that is the time to talk about it and create a plan to care for your loved one and your family. Advance care directives, power of attorney, and estate planning are never easy but don’t wait until it’s too late. The right way to care for them now and honor them when they’re gone is by ensuring handling the legal issues with their input and oversight.

If your family member has a serious or terminal diagnosis, coping can become a daily challenge. We’re here to help. Our compassionate and experienced legal team will work with you to create an estate plan to care for your loved one, you, and your family. Contact McCutchen McLean LLC today.

Selling a business is not as easy as selling a car or house. Preparing for the process is critical in ensuring it’s as simple and successful as possible. Here are the steps to take when you’re ready to sell your business.

Step One: Consolidate and Organize Your Financials

A buyer for your business needs to see all your financials in one place for careful review. When prepping to sell, consolidate and organize all the information for your and the potential buyer’s review. The documentation should include the following:

• The last three years of federal tax returns
• The previous three years of Profit and Loss statements, plus the interim statement and balance sheets
• List of equipment on hand, including estimated value
• Inventory of any product still available that is saleable.
• Information on any real estate or property included in the sale, including appraisal and tax information.

Step Two: Determine the Value of the Business

Don’t give your best guess when it comes to the sale value of your business. When you’ve built it from scratch, you have an emotional and financial investment, so inflating the price is tempting. Instead, hire a professional to provide a business valuation. Setting the right price is critical for optics and getting the most money for your business.

Step Three: Put Together Your Team

Selling a business is a complicated process. Including experienced professionals will help make sure the sale goes smoothly and you get the best price possible. Your team should include your accountant, a business broker, and an attorney. All will work to protect you and your interests throughout the sale process.

When you’re ready to sell your business, start with an experienced legal team. Contact McCutchen McLean, LLC, to get started.

Who is responsible for the debt after death? Many people fear they will be responsible for a loved one’s debts, but we’re here to clear up the confusion. Here’s what happens to a decedent’s debt and what you need to do.

Do Debts Die When a Person Does?

Debt does not go away when a person dies. Their debt needs paying, but relatives and loved ones are not responsible for that debt. The debt must come out of the deceased’s estate. The only time someone other than the deceased is responsible for the debt is if they have co-signed on a loan or other obligation, if the law requires the spouse to pay certain debts, or if they are legally responsible for the debt. The estate pays any debts after death unless there aren’t enough funds, and then they may be unpaid.

Who Pays the Debt?

The executor of a person’s estate is responsible for managing debt payments. If the will names an executor, that person settles the affairs of the person who died. If there is no will, the probate courts assign an administrator. Creditors can present claims to the executor or administrator within eight months of the notification of the person’s death.

What Should You Do?

When a loved one dies, the best course of action is to contact a probate attorney. An experienced lawyer can help you work through any disputes with creditors and the deceased’s assets, navigate the probate process, and manage the administration of your loved one’s will and estate.

The last thing you want to do when a family member dies is manage the business of their debt after death. Contact the experienced legal team at McCutchen McLean, LLC,

for the compassionate help you need in the process.