You may have ways to digitally access your real assets, such as online bank accounts, online credit card accounts, and online brokerage accounts. But at the same time, you may have digital assets that can stand alone, such as computers, tablets, phones, and flash drives that store data with monetary value and with sentimental value. With this, you must not forget to incorporate these digital assets into your estate plan. Continue reading to learn how to set up your digital assets and how an experienced Putnam County estate planning attorney at the Law Office of Andres D. Gil, PLLC can help you in doing so.
How do I set up my digital assets in my estate plan?
You may set up your digital assets in a similar way that you set up your real assets in your estate plan. Nonetheless, the steps are still important. It is in your best interest to take the following approach:
- Make a list of all your digital accounts: with this, you must also include the access information associated with each account (i.e., emails, usernames, passwords, security answers, PINs, etc).
- Get rid of any unnecessary accounts: with this, you must close out any old and unused accounts so to avoid overlooking any updated and utilized accounts throughout the rest of your estate planning.
- Update the preferences on your accounts: with this, you may be able to establish what you wish to happen to the account in the event of your passing.
- Update the information on your accounts: with this, you may confirm that each account and its access information is listed accurately in your estate plan.
- Incorporate a digital asset provision in your estate plan: with this, you may be able to include a separate document with this information in your will or power of attorney.
What is a digital fiduciary?
Simply put, a digital fiduciary should be an individual whom you trust to manage your digital information. Equally important, this individual should be knowledgeable on how to handle and distribute this digital information to your desired beneficiaries.
It is a common occurrence that a designated executor struggles with an estate plan’s digital assets. Though, you should not feel obligated to change who you appoint as your executor simply because your original pick is not so technologically savvy. Instead, you may designate a separate co-fiduciary for your digital assets. Or, you may designate an individual to assist your executor when it comes time to collect and distribute the digital assets.
In the end, a skilled Putnam County estate planning attorney is ready and willing to help you designate a digital fiduciary and overall set up your digital assets. Contact the Law Office of Andres D. Gil, PLLC today.