As people continue to use the Internet for paying bills and social interaction, many people are starting to wonder what will happen to their digital assets when they die. Digital assets are an important part of estate planning these days and you want to name a reliable person to access your Internet accounts when you no longer can.
The online world may still be something new to many people, but it is something estate planning attorneys are encouraging people to add to their estate plan. With so many companies switching to online billing to conserve paper, it is very important to research how to handle these online accounts when it comes to estate planning.
What Are Digital Assets?
Digital assets include e-mail accounts, social networking accounts, websites, domain names, blogs, video accounts or picture accounts. Shopping accounts, online businesses, bill payment accounts and other important online accounts may all hold important information that may need to be accessed in case of incapacity or death. These Digital Assets are something you need to plan for and consider how they may be accessed in the event you are unable to do so. As an initial step, you need to be creating an inventory of all your digital accounts and provide log-in information for each account.
Digital Asset Provisions
It is important to insert provisions for digital access into Wills and Trusts. Authorizing your personal representative or trustee to handle your digital accounts is equally important as naming someone to handle your financial assets. If instructed, this person may disable social media accounts, online banking accounts, and any other digital assets you have listed in estate planning documents.
Estrada Legal PC
At Estrada Legal PC we believe your family is your most important asset. We want to help you create an estate plan that minimizes future headaches and addresses things like your digital assets.