In today’s society, individuals must take into account their digital assets when creating an estate plan. Essentially, digital assets are online records and data. Before digital platforms individuals who have physical copies of documents. However, nowadays everything is digitalized. Individuals need to include their digital assets in their estate plans to protect and distribute their hard-earned assets after they’ve died. If you need help creating an estate plan, don’t hesitate to reach out to our qualified Montgomery County Estate Planning Attorney who can help you protect your digital assets.
What digital assets should be included in my estate plan?
In today’s society technology has become an essential part of everyday life. Individuals use digital platforms to do their online banking, accumulate rewards, communicate, and store sentimental assets. These can all be considered digital assets. Individuals should consider including these digital assets in their estate plans:
- Financial accounts. Individuals should include their bank account and any online payment services in their estate plans.
- Rewards programs. Sometimes individuals accumulate a substantial amount of online rewards program points that can be passed down through an estate plan if an individual desires. These types of rewards can be extremely valuable.
- Electronic communications. This might seem like a weird digital asset to include in an estate plan, however, nowadays individuals have numerous social media accounts. Typically, they have no value, however, it is still important to include electronic communications in an estate plan.
- Digital memorabilia. Individuals may have sentimental assets that are extremely valuable including photos, videos, music, and other digital collections. It is important to include important digital collections in an estate plan to ensure sentimental assets are secure.
How can I protect my digital assets?
Individuals can take several precautions to ensure their digital assets are protected. Firstly, individuals can consider doing their banking online. In today’s world, individuals can transfer money through online payment services such as Zelle and Venmo. Individuals should switch to online to keep up with the world and make their loved ones’ lives easier as it will be a simpler process if your assets are all online. An individual should leave all pertinent information including passwords to necessary accounts in their estate plan. This will allow family members to access it. This can allow individuals to dictate how they want their digital assets distributed. Individuals should include all of their digital records and data in their estate plan to ensure after they’ve died their hard-earned digital assets are protected and transferred to whom they desire.
If you want to ensure your digital assets are included and protected in your estate plan, contact one of our experienced and dedicated team members. Our firm is committed to helping our clients create a digital estate plan.