In today’s world, there is much more to estate planning than simply deciding who will inherit your property and money. There is also the matter of accounting for digital assets that are important to you and your family.
People of all ages depend upon online services in many aspects of their lives, and there is often sensitive information locked away behind digital accounts. Regardless of your current estate planning progress, now is a great time to consider how to plan for the distribution of your digital assets.
You likely have many digital assets to pass on
In addition to the many other digital assets you might possess, experts recommend that you should have no less than four bank accounts for various purposes. If you do have multiple financial accounts, particularly with online banks, this can add layers of complication for your family after your passing. You can grant peace of mind by outlining the distribution of these digital assets in your estate plan. Other digital assets that you should account for might include:
- Social media accounts
- Cloud storage access
- Email accounts
Your estate plan can protect the longevity of your digital assets
The process of writing a will typically involves naming an executor who you trust to access your personal records after death for the sake of carrying out the terms of your estate plan. When you choose to include digital assets in your will as well, you should secure your account passwords and other relevant information so that your executor can pass on access to those assets according to your intentions.
Writing a will serves to make the transitionary period after your passing easier for your family, but you can only fully accomplish this by facilitating the smooth distribution of your digital accounts as well as your other assets.