Matthew Curtiss, Esq

EP Technology watch: mywonderfulife.com

You have to love the internet. 

I have previously blogged other websites with an estate planning/probate bend.  It's an area which, in a web 2.0 era, has tons of potential for both expansion as well as abuse.  As Google moves to allow your medical history to be placed online, other sites look to offer "personal archiving" of data for use booth during your life...or after.

Enter MyWonderfulLife.

MWL is designed to allow you to

• Leave letters to loved ones
• Document the music and writings you love 
• Leave your favorite memories, and anything else you’d like to share 
• Let your Angels know where all your “stuff” is, like bank accounts, wills, and other important information 
• Leave meaningful possessions to loved ones and tell them why 
• Make sure your kids and pets are taken care of 
• Write your own obituary 
• Design your own headstone 
• Upload some of your favorite photos that can be used at your service

You can then designate up to six "angels" on the site who will know that you died and then carry out your wishes.  They get email notification of this designation and then can log in upon your passing.

Directed Trusts: an Estate Planning Tool with "Reins"

The Wall Street Journal had an interesting article a few weeks back on "directed trusts"; an estate planning tool for entrepreneurs who wish to have control over a business or other administerable assets such as real estate.

Directed trusts are like other trusts in that they have a Settlor (the person donating the trust res) and the Trustee.  Most of the time, the trustee in these situations is a corporate trustee such as a bank .  The problem these trusts solve is that banks don't want to run businesses or develop real estate.  That's where directed trusts fit in.

These trusts allow for "investment advisers" who are limited to providing assistance to the trustee in regards to certain trust property.  In regards to a closely held business, the trust can be drafted such that the trustee cannot act in regards to that business unless he/she confers first with the adviser.  This strategy utilizes all the benefits of a trust while also allowing relatives and family t retain control of a business.

Things to remember:  states impose different levels of liability on trustees of directed trusts.  Connecticut does not have a directed trust statute as of yet, while more than 30 states have adopted one.  As the article states, in some jurisdictions, one could draft a trust where no one is accountable is something goes wrong.  Forum shopping is key in this area.

Also, the article states that a trust with no less than $1M in trust principal is necessary to make this tool worthwhile.