There are many ways that an estate plan can be created, depending on the assets you wish to include and how you want them to be administered in the future. Due to the rise in technology and the digital age we live in, more people are managing their life online than through paper documentation. As a result, many people have a variety of digital assets. These should be included in an estate plan. To learn more, continue reading and contact an experienced New York estate planning attorney.
What is a Digital Asset?
Any type of online record that you own is considered a digital asset. This can include the following:
- Financial accounts: Bank accounts, brokerage accounts, stock portfolios, etc.
- Online rewards programs: Many companies provide goods and services to customers through online rewards programs that can sometimes become valuable overtime.
- Electronic communications: On average, people have at least five social media accounts that are regularly in use. These usually do not have monetary value, however, you may want to include them in a plan so they can be administered properly.
- Digital collections: Photographs, videos, music files, etc. that have sentimental value.
Protecting Your Digital Estate
By having an estate plan prepared, you have a plan in place for your health, assets, and loved ones for the future. In the past, this was typically done through paper documentation. However, how people manage their assets has changed over time. Many people have a variety of digital assets, even if they do not realize it. Failing to protect these assets can cause them to fall into the wrong hands upon your death. When making this plan, do not forget to include any corresponding access information. This can include usernames, passwords, secret questions, etc. Also designate how you want the assets to be administered so the executor of the estate plan understands the tasks they must complete.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.