Technology plays an important role in today’s society as it has become an integral part of daily living. Digital technologies have advanced more rapidly in recent years which has led to individuals accumulating online assets. With that being said, your estate plan should cover any digital assets that you own. In the past, estate planning involved physical documents that had to be safely stored away. Now, individuals can opt to create a digital estate plan. If you are considering creating a digital estate plan, please contact a proficient Montgomery County Estate Planning Attorney who can help you protect your hard-earned assets. In addition, continue to follow along to learn why you should incorporate these types of assets into your estate plan.
What are digital assets?
Essentially, a digital asset is any digital material owned by an individual that has value. These types of assets can include both hardware and data. Hardware refers to any technological equipment such as computers, external hard drives, phones, and digital cameras. These technological devices have a monetary value aside from the information that is stored on them. With that being said, these technological devices are usually a part of the probate estate as they have value. Data on the other hand is typically stored on hardware. Data can have monetary value in some cases. If you own an e-commerce account, digital intellectual property, online payment systems, or accounts with airline and hotel points, these domains are considered digital assets. Therefore, this type of data should be protected in an estate plan as they have a monetary value. It may come as a surprise to many that data without a monetary value should also be protected in an estate plan. However, these types of assets can hold sentimental value. This includes photos, music, and videos. It also includes emails and social media accounts. In an estate plan, it is important to incorporate digital assets as your loved ones will need access to your online accounts to obtain certain information.
Furthermore, when creating a digital estate plan, you will be required to designate in your will an individual to handle your digital assets. This individual will be regarded as a digital executor. A digital fiduciary should be someone you trust to manage your digital information. It is imperative to ensure your digital fiduciary knows where to locate your login information to access these assets.
If you are considering creating a digital estate plan to safeguard your digital assets, please don’t hesitate to reach out to one of our determined and trusted team members. Our firm can offer you individualized legal counseling to ensure you take the necessary steps to protect your hard-earned assets.