Not all of your assets are physical in nature; many of them are accessed solely through the Web. These assets can and should be included in your estate plan, but doing so will require some forethought. In this post, we’ll offer a few brief guidelines for ensuring that digital assets are encompassed by your estate plan.
Create an Inventory
The first step is simply developing a comprehensive list of what your digital assets are—and how they can be accessed. Make sure you have an up-to-date list of digital accounts, assets, payment plans, etc. The list should include the Web address for each of these, as well as any username, password, and security question information that’s necessary to access them.
Balance your list of digital assets with digital liabilities, too—such as online subscriptions that are automatically paid through a credit card or bank draft.
Plan for the Future of Your Assets
Who should have access to things like your email account and other online memberships—your spouse? Your kids? The executor of your estate? Who should manage your Twitter and Facebook accounts should you die? Think about these things, and make sure you expressly state your intentions in your will or estate plan.
Get Help from an Estate Planning Professional
To know which assets can and cannot be included in an estate plan, and to properly articulate your wishes for them, you may want to work with an attorney who specializes in estate planning. The members of Singh Law Firm are always happy to assist.
Estate planning is ultimately a way to make sure your legacy is protected, and that your family is taken care of after you die. Inclusion of digital assets is an important way to accomplish both of these estate planning objectives.