We are now fully immersed in the digital age. There are fewer and fewer of us that will remember a time before we had internet access, let alone those who remember when internet access was a rare and hot commodity. Because of the intertwinement our lives have with the digital landscape, there will be far-reaching implications for many aspects of our lives that may not have been considered yet. For instance, have you planned for your digital assets in your estate plan? It sounds weird to some, but digital assets are growing in range and importance.
Have You Planned for Your Digital Assets?
Think of how much of your life is digitalized. Few people even make hard copies of pictures anymore. Everything is stored on digital platforms. Consider what makes up your digital footprint. Do you have photos stored online? Do you have writings and artwork stored on your computer? Most people do! These all can have great value, both sentimentally and, sometimes, financially. It is important to remember them in your estate plan so they are not lost to the digital void.
Do you deal in cryptocurrency? Do you have other digital financial assets? These should be planned for as well! Do you have a Facebook account? Or an Instagram account? Or some other social media account? These platforms can store priceless memories that will be lost to cyberspace if you do not have a plan in place.
So, how do you plan for your digital assets? A good place to start is to take an inventory of them. Outline where your assets are stored. What platforms hold these assets? After you have made this list, then detail how to access them. This means detailing passwords and, perhaps, answers to the necessary security questions. To make access easier, you may want to create something like a LastPass account. With a LastPass account, a user needs only the LastPass password to gain access to all other account passwords.
Of course, your inventory of digital assets should be safely stored. It should also, however, be accessible to those who you want to be able to access them should the need arise. You should also look into the privacy policies on your digital assets. There have been some complications that have arisen in recent years with unauthorized users trying to access accounts after the primary account holder has passed away. Plan for these hurdles as best you can to save your family and friends some major headaches and stress after you pass away.
Estate Planning Attorney
Have you put an estate plan in place? Do you have an estate plan, but forgot to account for your digital assets? Talk to the trusted estate planning team at Jones, Gregg, Creehan & Gerace. We put strong, comprehensive estate plans in place that account for all of your assets, whether they be digital or otherwise. Contact us today.