To learn more about digital assets and which you should include in your estate plan, reach out to our firm today to speak with a skilled Montgomery County estate planning attorney. Our legal team is on your side each step of the way.
What is a digital asset?
Any type of online record that an individual owns is also known as a digital asset. Online records can involve multiple kinds of content, ranging from a blog on sports to an online rewards program. If you are not ready for the control, distribution, and access of your digital assets, then they may end up in the wrong hands or even get omitted. When choosing your estate plan and the assets you would like to include, be sure to look into some of the following:
- Online rewards programs: A number of companies have moved their goods and services to the online platform, they have also constructed online rewards programs for customers. These kinds of programs often award returning customers with points, cashback, or discounts. In some instances, these rewards can become valuable enough to earn being noted in an estate plan.
- Financial accounts: Most banks now allow their clients to complete bank transactions virtually. Some banks are also partnered with digital payment systems, for instance, PayPal or Zelle, that allows clients to conduct online money transfers. Both bank accounts and online payment services are deemed financial accounts and should be incorporated into an estate plan.
- Electronic communications: An average individual person has at least five social media accounts that they use each day. Even though it is unlikely that a person’s Facebook or Twitter account might yield any monetary worth, it is essential to include these and additional electronic communications in an estate plan so they can be properly distributed.
- Digital collections: This can include digitized photographs, videos, or music files. Even if they do not have any monetary value, they probably have sentimental value, which should be noted in an estate plan.
How can I protect my digital estate?
If you use online services, it is important that you put a checklist together of the different accounts you own and also be sure to include the access information (username, password, secret questions, etc.). You will want to determine how you want your digital assets handled and distributed. Also, you will need to select someone to serve as a digital executor. This individual will have authorized access to your online accounts and control the management and distribution of your digital assets.
In order to confirm that you have collected your digital assets for the future, you should reach out to our firm to speak with a seasoned attorney today. Our legal team is here to help you navigate through this process.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.