Creating a Digital Assets Estate Plan (PART 2)

In today's digital age, our lives are increasingly intertwined with technology. As a result, digital assets have become a significant part of our personal and financial landscape. From social media accounts to cryptocurrency wallets, digital assets encompass a wide array of online resources that require thoughtful consideration in estate planning. Creating a digital assets estate plan ensures that these valuable assets are protected and easily accessible to heirs. Here's how you can navigate this essential aspect of modern estate planning.


Legal Considerations

When planning for digital assets, it's important to be aware of legal considerations:

·         Terms of Service Agreements: Many digital platforms have specific terms of service that can affect how an account can be accessed or transferred upon death. It's crucial to understand these terms when planning.

·         State Laws: Laws around digital assets can vary by state. Some states have enacted laws granting executors the authority to manage digital assets, but this is not universal. Staying informed about your state's laws is essential.

Ensuring Accessibility for Heirs

To ensure that your heirs can access your digital assets:

·         Appoint a Digital Executor: This is a person designated to manage your digital assets after your passing. They should be someone you trust and who is technologically proficient.

·         Create a Comprehensive Access Plan: Provide detailed instructions on how to access each digital asset, including passwords and security questions. Use a secure password manager to store this information safely.

Conclusion

As digital assets continue to grow in significance, creating a digital assets estate plan has become a fundamental component of comprehensive estate planning. By taking proactive steps to identify, catalog, and secure these assets, you can ensure that they are protected and accessible to your loved ones. With a little foresight and planning, you'll be safeguarding not just your wealth, but also your digital legacy.

Our Office Can Help

Click here to Schedule a FREE Virtual Estate Planning Session. We will guide you through the entire process and help you understand what needs to be done to ensure your loved ones are taken care of.

PARENTING TIP:

Teach kids this bravery trick. Tell them to always notice the color of a person's eyes. Making eye contact will help a hesitant child appear more confident and will help any kid to be more assertive and less likely to be picked on.