For the most part, the law is very slow to change. The reason for this is that it provides stability and certainty to our world. After all, if every judge could do whatever he or she wants, without regard to the cases that have come before, the legal system would collapse; there would be no system. But with the advent of the 21st century, the law has done quite a bit of changing, well, at least as far as estate planning goes.
This new century has seen an unheralded rise in the number of estate plans that take into account the family pet. People are creating pet trusts to provide for the care of their pet, should it survive them, in very specific ways. Some have even adopted a level of specificity that lays out the frequency, quantity, and brand of toy that is to be provided to their pet.
This new century has seen Americans living longer than ever before, thanks to advances in medicine and technology. As a result of this newfound longevity, Americans now need to incorporate provisions into their estate plans for their parents, should they predecease them. Additionally, Americans need to figure out how to make their retirement dollars stretch farther than previous generations.
This new century has also seen a proliferation of e-business among the general populace that has resulted in countless numbers of online accounts and passwords. All of one’s accounts and passwords need to be accounted for within one’s estate plan.
