The first thing that comes to mind at the mention of estate planning is the idea of dividing money amongst your family members. In the modern-day, however, information holds just as much value as raw cash and real estate.
During the estate planning process, you need to determine what happens to your digital assets after your passing. Your relatives will be grateful to have legal access to important and necessary online accounts and products should the worst occur.
What digital assets should I include in my estate plan?
Financial experts recommend having multiple bank accounts, including a checking account, savings account and money market account. This is to say nothing of the many other digital products you may own which could have just as much practical and personal significance to you. Other digital assets you should account for in your estate plan could include:
- Email, social media and gaming accounts
- Online documents and photos
- Cloud storage
- Subscription services
- Air miles and other travel points
- Digital currencies
How can my estate plan protect my digital assets?
Including digital assets in your estate plan is not so different from passing on other types of property. You may indicate who will inherit your assets and name an executor to carry out the process of passing digital information on to your surviving family. It is important to remember to secure your account passwords so that your inheritors can continue to access digital items.
Starting an estate plan is essential for individuals of any age with a family they wish to pass assets on to. Parents both young and old should come to understand the significance of their own digital assets and take steps to protect them in the long run.