When you made an estate plan, you probably realized that you should account for your business and its assets as well. Did you remember everything though? One thing that people tend to overlook is the digital assets of their business. Your company should have a digital estate plan too, and a Washtenaw County estate administration lawyer from our firm can help you develop one.
What Would Be Included in a Digital Estate Plan?
All kinds of digital assets can find their way into your digital estate plan. Take a look at what kinds of digital assets you have, and if you think that they will need to be transferred to ensure a smooth transition for your business they should be a part of your estate plan. You could include:
- Online banking accounts
- Blogs and domain names
- Email accounts
- Cloud storage accounts
- Online banking and financial accounts
- Online store accounts
- Any subscriptions to digital services
- Accounts for apps and computer programs
All of these things should be accounted for when you make your plan.
What Should I Do With My Digital Assets?
What your digital estate plan should do is make life a bit easier for anyone who needs to access your digital assets after you have passed away. You should have a way of passing on important passwords or login credentials. Take inventory of every important digital asset and then make a plan for getting the right information into the right hands. You can even choose a digital executor who will treat this just like any other estate plan and do their best to see your wishes followed.
Can a Lawyer Help Me Make a Plan?
The estate planning lawyers at our firm can help you craft a comprehensive, legally binding estate plan that includes your digital assets. We can help you catalog everything and ensure that your heirs do not encounter any unexpected problems when taking over your business.
What Happens If Someone Doesn’t Make a Digital Estate Plan?
If you do not make a plan, you could be leaving behind some pretty big headaches for anyone who inherits your business. You should be sure that they can hit the ground running once you have passed away. You want a smooth transition that will not add to the stress already being experienced by your loved ones.
People who do not make a plan risk locking heirs out of important financial, marketing, or customer service resources. Trying to figure out how to get into each account will just waste a lot of time, and that will waste a lot of money too. This is not the way that anyone wants to start running a business they have inherited.
Schedule Your Consultation
When you are ready to learn more about how our law firm can help you, contact Collis, Griffor & Hendra. Whether you are just starting the estate planning process or you have realized that your digital assets need to be accounted for, our experienced attorneys are ready to help.
