How Can You Prepare Your Digital Assets?
When creating an estate plan, it is important to consider not only your tangible assets, but your digital ones, as well.
You will likely have many priorities when creating an estate plan, such as appointing guardians for your minor children and dividing your physical assets among your loved ones. These are all important elements of any estate plan, but there are other factors you should consider, as well, including your digital assets.
Digital assets are intangible and they include social media profiles, subscription services, and email accounts. Even the pictures and documents you have stored are considered digital assets. These assets present unique challenges, but it is important to include them in your estate plan so you can retain control over them, even after you pass away.
The Challenges Digital Assets Present
Digital assets do have different challenges that other assets do not. The first is that these assets are password protected. Those passwords are important, as they keep people safe when they are online. It is also well known that no one should ever tell anyone what their passwords are. After someone passes away, though, that protection becomes a real problem because no one can access those accounts.
The second unique problem digital assets present is that far too many people simply overlook them when creating their estate plan. They do not tell people what the passwords are and so, nothing can be done with the asset once someone dies. You should also tell your executor or power of attorney what your passwords are, but there are other important steps to take, as well.
How to Include Digital Assets in Your Estate Plan
The important steps to take to protect your digital assets include:
- Make a list: Create a list that includes all of your digital assets, such as domain names, online accounts, computing hardware, and information that is electronically stored. Within the list include the name and location of the account, as well as the username, password, and security question answers.
- Allow a third party to store the information: A list of your digital assets will not do anyone any good if they cannot access it. After creating a list, send a copy to your executor or your estate planning lawyer to store.
- Create a will: You may not want to treat all of your digital assets the same. For example, you may want someone to receive your cryptocurrency after your death, or you may want someone to delete all of your social media profiles. Whatever your wishes are for your digital assets, outline them clearly within a will drafted by an attorney that will ensure it is enforced by the courts.
Our Estate Planning Lawyers in Lake Jackson, Brazoria County Can Protect Your Assets
At Cordoba Law Firm, PLLC, our Brazoria County estate planning lawyers located in Lake Jackson can help ensure all of your assets are protected, including those that are physical and digital. Call us today at 979.297.2854 or fill out our online form to schedule a consultation with one of our knowledgeable attorneys and to learn more about how we can help.