To learn more about digital assets and estate planning, continue reading and reach out to a dedicated Montgomery County estate administration attorney.
What is a digital asset?
Essentially, a digital asset is an online record that an individual owns. Online records can include a numerous amount of content, from a blog on cooking to an online rewards program. Without preparing for control, distribution, and access, your digital assets can be wasted or fall into the wrong hands. When examining estate planning and what assets you wish to secure, there are a number of different categories you will want to take note of:
- Financial accounts: In today’s day, most banks now permit their clients to complete bank transactions online. Some banks are also partnered with digital payment systems, such as PayPal or Zelle, that allow clients to conduct online money transfers. Both bank accounts and online payment services are deemed financial accounts and should be incorporated into an estate plan.
- Online rewards programs: As many businesses have moved their goods and services online, they have also created online rewards programs for customers. These types of programs often reward returning shoppers with points, cash back, or discounts. In some cases, these rewards can become valuable enough to merit being mentioned in an estate plan.
- Electronic communications: An individual has on average at least five social media accounts that they use regularly. Even though it is unlikely that someone’s Facebook or Twitter account might generate any monetary worth, it is critical to include these and other electronic communications in an estate plan so they can be appropriately allocated.
- Digital collections: Any photographs, videos, or music files that are digitized are contained in digital assets. Even though they may not carry any financial value, they likely hold sentimental value, which should be included in an estate plan.
How can I protect my digital estate?
If you are one of the many people who use online services, it is important that you put a list together of the different accounts you own, in addition to their access information (username, password, secret questions, etc.). You will want to establish how you want your digital assets handled and distributed. Furthermore, you will need to appoint someone to act as a digital executor. This person will have lawful access to your online accounts and manage the administration and distribution of your digital assets.
In order to make sure that you have prepared your digital assets for the future, do not wait to reach out to a skilled attorney today. Our legal team is on your side.
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