Nowadays, the whole world is online. This means that some of your most important assets are most likely digital. Just as you must plan ahead for your tangible assets, you must also make sure you have a plan for your digital assets. Read on to learn more about creating a digital estate plan.
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 over time.
- 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 handled properly in the event of your passing.
- Digital collections: Photographs, videos, music files, etc. that have sentimental value.
What is the Digital Estate Planning Process?
In order to create a successful digital estate plan, you should:
Outline Your Wishes: A crucial part of an estate plan is the instructions on how to manage the assets within it. This can include what should be saved, deleted, or transferred after death.
Designate a Digital Executor: In order for a person’s final wishes to be carried out, an executor must be named to do so. It is incredibly important that you choose someone you trust to carry out your wishes responsibly.
Store the Information Safely: It is important to store a digital estate plan securely so that it is protected but can be accessed when necessary. You may wish to store your devices and sensitive information with a trusted attorney, an online storage service, or in a personal safe. The executor should be informed of its location and should be able to access all necessary passwords.
Formalize the Plan: An estate plan can be legalized by naming an executor in addition to the location of the estate plan within a written will. When this is done, it is important not to include any sensitive information within the will. This can include access passwords for the assets. This is because the document becomes public after the individual’s death.
Estate planning can be stressful, but having the right attorney on your side can make a world of difference. Contact our firm today to speak with an experienced and dedicated estate planning attorney. We want to provide you with the security and peace of mind you deserve for the future.
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.