Do not neglect your digital assets.
So much we do is online or on our devices.
We bank online.
We communicate online.
We even share and store photos and videos online.
Would your loved ones have access to these if you died?
Or would they be lost?
According to a recent The Street article titled “Estate Planning in a Digital World,” estate planning for your digital assets is more important than ever before.
While physical assets are relatively straightforward, digital assets can bring complications.
How so?
Digital assets can change.
Another entity may own the platform where the assets reside.
Intellectual property and privacy laws can create legal complications.
This is especially true if the service provider has no policy on what happens when the user has passed away.
Be sure to read any terms of use and plan accordingly.
Some states, like Kansas and Missouri, have laws to help guide estate planning for digital assets.
Working with an experienced estate planning attorney is key to a thorough understanding of the laws of your estate and how to create a plan to include these considerations.
Other things you can do to help?
Keep an inventory of all digital assets and their passwords.
Your list should be kept updated and in a secure location where your family or executor will have access to it when you pass away.
Personally, I have had mine stored on the online program LastPass for years.
Do not forget to legally designate a person to handle your online files and accounts when you pass away.
The more detailed you are in your instructions, the easier it will be to for your loves ones to follow your final wishes regarding your digital assets.
Taking steps now to be organized and thorough will make the task of creating a plan for your digital assets less daunting and more successful.
Reference: The Street (June 3, 2019) “Estate Planning in a Digital World”
Comments