When it comes to creating an estate plan, many people neglect to include digital assets. However, as the world becomes more reliant on the internet, it’s important to consider what will happen to your online accounts after your demise. Digital Assets can include things such as your email accounts, website domains, online bank accounts, online stock accounts, social media accounts (Facebook, Twitter, etc.), online file storage, PayPal accounts, iTunes accounts, etc.
Digital assets are especially important to consider as digital assets may be of monetary value. Adding provisions to your estate plan will make the process of carrying out your wishes uncomplicated for your loved ones.
With that said, there are important things to consider when including digital assets in your estate plan:
1. Determine what you would like to happen to your accounts. Do you want your personal accounts closed after death? Would you like family members to make updates for friends and family on your behalf? Do you have digital collection (such as books, movies, or music) you would like to saved and/or passed to someone? These are important questions to ask yourself.
2. Include your wishes in your will or a trust. Once you have determined what you would like to happen to your accounts, you will need to provide instructions for your survivors. This will help them execute your wishes.
3. Catalog your Digital Assets. Make a list of your online accounts and their corresponding passwords and bestow it upon someone you trust, such as a family member or your attorney. You can also have this information stored in a safe deposit box (though you must be sure to keep the information updated). It can also be beneficial to upload digital copies of important documents.
Perhaps these topics never crossed your mind, but that’s why it’s important to rely on the professionals. The estate planning experts at Danna & Associates in Staten Island can help ensure you are adequately covered.