An individual or a company’s assets are the cornerstone of their net worth. In the current era, digital assets are becoming just as important to protect as physical ones. Digital assets consist of electronic records that are stored online or in personal devices. Any digital record can be considered a digital asset and thus, should be included within your digital estate plan according to an estate planning lawyer with our friends at McCarthy Law, LLC.
Digital Assets Can Include Any Of The Following:
– Email Accounts
– Social Media
– Bank Accounts
– Ecommerce Accounts
– Photo Apps
– Cell Phone Apps
– Utility Accounts
– Loyalty Programs
It is important to note that there are non-physical items that are not defined as digital assets under the law, such as cryptocurrency. Cryptocurrency is considered an asset within itself and should instead be included within your estate plan. Be sure to define these items prior to putting them into your digital estate plan. Obtaining legal representation in your estate planning can ensure every asset is being categorized correctly.
To simplify the process of passing on digital assets, it can be useful to keep a log of passwords and usernames that could be helpful for your family so that they may access your accounts. If this is something you want to do, make sure you are being discrete. There are secure sites such as 1Password that will allow you to manage your login information with one master password.
Keep in mind that this is something that should be done for everything, not just digital assets. If you have a safe or safe deposit box, be sure to leave information on how to access those after you have passed so that your family is easily able to get to your belongings. This type of information can also be included in your estate planning so that a trusted legal professional can supply the information to your family at the time of your passing.
In Order To Create A Digital Estate Plan, Follow The Below Steps:
- Decide what will be included within your digital estate plan
- Decide who will be given access to your digital assets
- Choose a digital executor
- Ensure that your digital estate plan is legally binding
Obtaining legal guidance is the best way to ensure that your wishes are upheld. A legal professional that specializes in estate law located near you can help with the creation and execution of your digital estate plan. They will provide you with a helpful consultation and most likely a packet of information that explains the process of estate planning and the types of information you will need to have handy. Be sure to review all this information before your consultation so that you are fully prepared for your time with a lawyer.
No matter if your assets are digital or physical, you should always have an estate plan in place. Contact a lawyer near you to get started on your estate planning journey to protect your assets and your family members.