What do I Need to Know About Digital Assets in an Estate Plan?

What do I Need to Know About Digital Assets in an Estate Plan?

There are a variety of decisions that can be made when creating an estate plan for yourself. These can vary depending on what you want to include in your estate plan and how you want the administration to be carried out upon your death. Within the last two decades, more people have begun to manage aspects of their life online. This can result in a great deal of digital assets that you should consider including in your estate plan. Continue reading below to learn more and contact an experienced New York estate planning attorney for assistance creating an estate plan. 

What is a Digital Asset?

A digital asset is simply any type of online record that you own. This can cover a range of things, including:

  • Financial accounts: This can include bank accounts, brokerage accounts, stock portfolios, etc. 
  • Online rewards programs: Some companies provide goods and services online through rewards programs for their customers. In some cases, these rewards can become valuable enough overtime that people may want to include it in their estate plan.
  • Electronic communications: On average, people have at least five social media accounts they use regularly. While they do not usually hold monetary value, you may wish to include them in an estate plan so they can be administered properly.
  • Digital collections: This can include any photographs, videos, music files, etc. These usually have a sentimental value, which is why they are worth including in an estate plan.

Protecting Your Digital Estate

When you take the time to prepare an estate plan for yourself, it ensures you have a plan in place for the future of your health, assets, and loved ones in the event that you die. While, in the past, these documents used to be paper, the rise of the digital age has changed the way people manage their assets. This has led to most people having a variety of digital assets, even if they do not realize it. Failing to protect these assets can result in them falling into the wrong hands upon your death. 

In making a plan to secure these assets, do not forget to include any corresponding access information, such as usernames, passwords, and secret questions. Also be sure to designate how you wish these assets to be taken care of so that the executor of your estate plan thoroughly understands their job. 

Contact our Firm

Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.

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