When going through the estate planning process most people know that they will need to cover things like their home, financial accounts, and other significant assets. What many people fail to plan for, however, is their digital assets. In today’s modern world, most individuals have a variety of digital assets that need to be passed on to their loved ones or they could be lost forever. When going through the process of estate planning, make sure you consider the following important points related to your digital assets.
Types of Assets to Include
There are many different things that you will need to include to ensure your digital assets are properly planned for. The following are some of the most significant things to make sure are included in your overall estate plan:
Location of Important Documents – Make sure the location of your digital documents, pictures, family tree information, and other digital documents is clearly identified. This could be a drive on your computer, an online service, or the location of your USB drive.
Passwords – You want to keep your passwords secret, but you also want to make sure your loved ones can access important digital assets when you are gone. An estate plan can safely track passwords based on your specifications.
Social Media Profiles – Most people today have accounts on a variety of different social media services. These platforms often contain your pictures and cherished memories. Granting access to them by a loved one will also allow them to update your online friends concerning your passing.
Cryptocurrency – This is a unique asset in that it is both digital and financial. Make sure you pass your private keys to the loved ones you want to have all of your Bitcoin and other cryptocurrency.
Cloud Storage – If you have a cloud storage account for keeping your pictures, videos, journals, music, or anything else, make sure to cover the access in your estate plan.
Digital Assets for Business Owners
If you own a business, you will definitely need to cover the digital assets of the company as well. Just about all businesses today have online accounts with vendors, customers, and others. They also keep important documents stored on the internet. Your estate plan should identify who you want to take ownership of these assets and how they can quickly get everything they need to avoid disruption in the business.
Schedule a Consultation Today
If you are ready to create an estate plan for the first time, or you just need to update an existing plan with your digital assets, we are here for you. Contact us to schedule a consultation and discuss your specific needs today.