One hundred years ago, the only assets individuals had to protect with estate planning were physical things like a house, property, vehicles, antiques, etc. But it’s 2023, and we now have to consider your digital assets in estate planning as well. Ensuring that your online accounts and digital property are handled according to your wishes after you pass away is crucial.
You might consider the following steps to ensure your digital assets are protected and handled as you wish.
1. Make an inventory of your digital assets, including online accounts, email accounts, social media profiles, domain names, digital files (photos, videos, documents), cryptocurrency holdings, and other valuable online accounts or assets.
2. Designate a digital executor. This might be the same individual you’ve chosen for your will or estate plan or a different person. This individual will manage and distribute your digital assets according to your wishes.
3. Provide access information, including your login credentials for each account and asset, and securely store this information. Make sure your digital executor knows how to access the info.
4. Decide and specify your wishes related to each digital asset. Transfer, delete, or maintain in a particular way.
5. Include the digital assets in your will or trust. Be specific about who gets what, etc.
6. Always consult with an experienced estate planning attorney to ensure your plan complies with the relevant laws and regulations.
7. Maintain and update your plans.
And finally, a few hints and tips: You should ensure that important digital files are backed up. Depending on the value of your digital assets, you should consider protection services. Just as when you take steps to protect your family and your hard-earned assets, relying on an experienced estate planning attorney can make all the difference. You want to ensure everything is done right, according to law, and that your beneficiaries won’t be left in an awkward situation when it comes to the distribution of your assets. Digital assets are as real as your house or vehicle, take steps now to protect them. Call me at 513-399-7526 or visit my website at www.davidlefton.com to schedule a confidential consultation.