How Digital Assets Fit Into Your Estate Plan
In today’s world, so much of what we own lives online. When someone passes away, an executor is responsible for gathering, protecting, and managing all estate assets. That is straightforward when assets are physical, but digital property brings new challenges. An executor cannot manage what they cannot find.
Digital assets can include financial accounts, investment or retirement accounts, social media profiles, online collections, stored documents, and even cryptocurrency. Anything you own, whether on paper or in the cloud, may be part of your estate and may go through probate if it is not properly planned for.
So how do you ensure your digital assets are handled correctly after you are gone?
Create a complete inventory
Make a list of all your accounts, where they are located, and how to access them. Financial accounts are especially important. If you have named beneficiaries, include that information as well. Cryptocurrencies such as bitcoin can be permanently lost if your executor cannot locate your keys or access information.
Review your social media settings
Most social media platforms offer options to name someone who can manage or memorialize your account after you pass. Add these accounts to your digital inventory and check whether each platform allows you to choose a legacy contact or trusted person.
Include access to stored collections
Be sure to document the locations and login information for any sites where you store photographs, documents, subscriptions, or digital collections. These can be valuable and meaningful parts of an estate.
With the right planning, your digital assets can be protected and easily managed by the people you trust. Our experienced attorneys can help you understand how digital property fits into your estate plan and guide you in creating a complete and secure strategy.
If you would like support, you can schedule a free initial consultation with our team.
