In today’s digital age, your online presence and digital assets hold significant value. From financial accounts and social media profiles to online subscriptions and cryptocurrency, these intangible assets are an integral part of your estate. However, many people overlook them when creating their estate plan, leaving their loved ones to navigate the digital landscape without guidance. Incorporating your digital assets into your estate plan is crucial to ensuring their protection and proper management after your passing.
What Are Digital Assets?
Digital assets encompass a broad range of items, including:
- Financial Accounts: Online banking, PayPal, and investment accounts.
- Cryptocurrency: Bitcoin, Ethereum, or other digital currencies.
- Social Media Accounts: Facebook, Instagram, LinkedIn, and Twitter profiles.
- Email Accounts: Personal and professional email services.
- Online Subscriptions: Streaming services, cloud storage, and shopping accounts like Amazon.
- Intellectual Property: Domain names, blogs, websites, or digital works of art.
Steps to Protect Your Digital Assets
Take Inventory of Digital Assets. Create a comprehensive list of all your digital accounts and assets. Include login credentials, account numbers, and any additional relevant information. This inventory will serve as a roadmap for your executor or trustee.
Appoint a Digital Executor. Choose someone you trust to manage your digital assets. This person can be the same as your estate executor or a separate individual with the expertise to handle your digital footprint.
Leave Detailed Instructions. Clearly outline your wishes regarding how each digital asset should be managed. For example, you might want your social media accounts memorialized or your emails deleted.
Utilize Online Tools. Many online platforms, like Google and Facebook, offer legacy planning tools to manage your accounts after death. Enable these settings to simplify the process for your executor.
Include Digital Assets in Legal Documents. Work with an estate planning attorney to update your will or trust to include digital assets. This ensures that your wishes are legally enforceable and protects your assets under applicable laws.
Secure Your Information. Store your inventory and instructions in a secure location, such as a safety deposit box or encrypted digital vault. Only share access with trusted individuals or your attorney.
Stay Updated. As technology evolves, your digital assets may change over time. Regularly review and update your inventory and estate plan to keep everything current.
Why Professional Guidance Matters
Estate planning for digital assets can be complex, especially with varying laws governing digital ownership and privacy. Consulting an experienced estate planning attorney ensures your digital assets are handled correctly and that your wishes are honored.
At The Eastman Law Firm, we specialize in comprehensive estate planning that includes protecting your digital assets. Our knowledgeable team will guide you through the process, ensuring your loved ones can seamlessly manage your estate while preserving your digital legacy.
Contact Us Today
Name: The Eastman Law Firm
Address: 4901 W. 136th Street, Ste. 240Leawood, Kansas66224
Phone Number: (913) 908-9113
Website: www.theeastmanlawfirm.com
Secure your digital assets and provide peace of mind for your loved ones by creating a robust estate plan with The Eastman Law Firm. Reach out today to get started!