Feb23

Smart Estate Planning Strategies for your Digital Assets

Elderly woman with her daughter and a lawyer looking at a computer.

Have you ever stopped to think about what happens to your online accounts when you become incapacitated or die? Without the proper planning, your digital information and online assets may become inaccessible and lost forever creating hurdles for your loved ones to gain access when they need it most.

What are Digital Assets?

Digital assets may include:

  • your website
  • domain name
  • passwords
  • on-line banking information
  • digital photos

Internet access may also include your Facebook, Twitter, Instagram or LinkedIn accounts which require log-on username and passwords or other forms of identification for access authorization.

How to Preserve and Protect Your Internet Assets?Woman sitting at a table with light leak and coffee about to log into Facebook.

Of course, protecting your privacy is of paramount concern. So, how do you balance easy access to your accounts and your privacy? The right Estate Planning is your answer.

To preserve and protect your internet assets, your estate planning documents should first identify them. Maintaining an inventory of your usernames, passwords and log-on instructions will prove to be an invaluable tool. Just this simple act will help your personal representative maneuver through your estate assets without opposition. The same goes for the trustee named in your trust, the agents named in your Durable Power of Attorney and family members. Without this type of accessible information, it may take months, if not years, to gain access to your accounts.

In the event of your incapacity, your Power of Attorney should grant your nominated agent control of, and access to, your internet assets. There is a specific language used in Power of Attorney to ensure your agent has access to these accounts in the event you are unable.

Likewise, to transfer your digital assets at death, they should be distributed through your will or trust. At your death, your will or trust should contain an inventory and grant your personal representative or trustee the power to access, handle, distribute and dispose of your assets. You may also include specific directions to whom your internet assets should be passed on to upon your death.

The law in this area is always evolving at a rapid pace, making the right planning a necessity. Be smart and plan now to alleviate challenges in the future. We are available to meet with you in your home, at our offices, or anywhere else that is convenient for you. Schedule a consultation today.

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