What You Need to Know About Digital Estates

If you are ready to begin creating your estate plan, you have most likely begun looking into the function of wills, trusts, and more. Of course, the main purpose of any estate plan is to protect your assets and to ensure that they are distributed as you would have intended upon your passing. While wills are the cornerstone of all comprehensive estate plans, the truth is, many people go their entire lives without ever considering the importance of managing their digital estate. Everybody has a digital estate, which is why you should continue reading and speak with our knowledgeable Maryland estate planning attorney to learn more. Here are some of the questions you may have:

What are digital assets?

Digital assets are online records that you have kept in your lifetime. Some examples of digital assets are as follows:

  • Financial accounts: Any bank accounts, stock portfolios, or bank accounts that you have online should all be mentioned in your estate plan. 
  • Online rewards programs: If you are someone who has been a part of a company/a customer at a company for a long time, you may receive certain benefits from rewards programs. 
  • Electronic communications: If you have social media accounts, you can include passwords to these accounts in your digital estate so your loved ones can access them/close them upon your passing. 
  • Digital collections: Most of us have various digital collections, including photographs, music files, and more.
  • Intellectual property: You should protect any blogs you contribute to/own, any online patents, or any other IP you may have stored digitally.

Protecting Your Digital Estate

While creating a paper-based digital estate plan is paramount, protecting your digital estate is also critical. That is why when you have listed all of your digital assets, it is critical you provide your beneficiaries with their corresponding access information, such as usernames, passwords, hint questions, and more. You should also ensure you address, in writing, which family member/friend you want to handle your digital assets so that your executor can act in accordance with your wishes. For any additional questions, please do not hesitate to reach out to our experienced Maryland estate planning attorney to learn more. We are here to help ensure your estate is handled properly and efficiently.

Contact our experienced 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.