Digital assets count during estate planning

| Jul 22, 2021 | Estate Planning

Residents of Jacksonville and other parts of Florida may want to learn more about protecting and thinking about digital assets in estate planning. You may not have a giant following on instagram, but you likely have digital records that you own and control. While you are alive is the time to think about those you leave behind; loved ones sorting through digital assets might have added stress after you are gone. You probably don’t want to think about the possibility of not being around, but maybe you should.

According to experts in digital asset protection, those after you might lose online photo and video collections forever. Your heirs also might not get the benefits of cryptocurrency or frequent flyer miles.

Losing online bills payments

Someone could not see how you pay your bills. Email and account information need to be accessible. Digital end-of-life plans and storage could help.

You may need a digital executor

Searching your home or office in the traditional manner, might not show anything that does not have an actual paper trail. Your executor is going to need instructions on how to access your accounts online.

Those accounts that will need someone to access them include the following:

  • Google
  • Facebook
  • Apple (will be adding this feature)

Giving your executor your login credentials is wise

Part of your estate planning process should be making a list of digital assets. You may also want to leave a list of which of them to pass to heirs, what to delete or what to archive. With two-factor authentication, a process that is common these days, you will need to give the executor the password to your phone or device as well.

Keep it safe

You do not want to leave sensitive information or passwords within your will, as that information eventually becomes public. Storing the information and a letter of instruction in a safe location, such as with your attorney or in a home safe is best. Don’t forget to let your executor know where it is. There are also safe online storage sites for access to documents.