The world is changing quickly and drastically. It is important that our estate plans keep up with these changes. For example, you may need to plan for your digital assets. Read on to learn more about estate planning for digital assets.
Planning for digital assets:
Nowadays, so many of our most important assets, records, and memories are stored online. As a result, it is important to plan for these assets as we would our more tangible assets. Some of the assets you may need to create plans for include:
- Financial accounts: Many people conduct their bank transactions online. Additionally, you may utilize platforms such as Zelle or PayPal. Your mobile bank accounts and other banking apps should be included in your estate plan.
- Electronic communications: Social media is a major part of our lives. You likely have Facebook, Twitter, Instagram accounts, and more. While these accounts might not be worth anything monetarily, you may have plans for how they should be handled. Additionally, these accounts often house important photographs and memories that you may wish to preserve.
- Digital collections: Any photographs, videos, or music files that are digitized can be included in a digital estate. These assets likely hold sentimental value. It is important to note that sentimental assets can be incredibly important to include in an estate plan. For example, many people wish to leave gifts to their loved ones, like their music collection, photographs, a letter, and, and so on.
So how exactly do you plan for your digital assets? One of the most important steps is choosing a digital executor. When it comes to choosing a digital executor, it is important that you choose someone you deeply trust with your sensitive information. This is because you will have to share your passwords and logins with your digital executor, as he or she will need to access your accounts. You will also need to determine where to store your digital assets. Many people choose to leave them with a trusted attorney.
If you have any questions or concerns about planning for your digital estate, reach out to our firm today.
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Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.