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Digital Assets in Our Digital World
Managing digital assets in estate planning. Learn how to ensure your online accounts, digital assets, and electronic records are properly handled.
Digital Assets in Our Digital World
Have you ever thought about what happens if you do all your banking online and get your bank statements through email? What happens if no one knows where you bank or what your email passwords are?
What is a Digital Asset?
A digital asset may include:
- Email access - Your primary communication and account recovery method
- Online bank accounts - Digital-only financial institutions
- PayPal - Digital payment platforms
- Social media accounts - Facebook, Twitter, Instagram, LinkedIn
- Cryptocurrency - Bitcoin, Ethereum, and other digital currencies
- Digital photos and documents - Cloud storage accounts
- Online subscription services - Streaming, software, and digital services
Legal Requirements
If you want your Trustee or Personal Representative to be able to liquidate or control these assets, you must expressly grant this in your will or trust. Without specific language, your representative may not have access to these digital assets.
Digital Assets Are Here to Stay
As our world becomes increasingly digital, proper planning for digital assets becomes more critical. It is important to make it easy for loved ones to understand and access your digital assets.
Practical Recommendations
Essential Steps
- Include digital asset language in your Will or Trust
- Keep a secure book or log of account information and digital passwords
- Store the information in a secure location that your representatives can access
- Update regularly as passwords and accounts change
Security Considerations
- Use a password manager for organization
- Consider two-factor authentication implications
- Plan for account recovery methods
- Understand terms of service for each platform
Contact our law firm to discuss how to properly incorporate your digital assets into your estate plan.
Related Services
Our experienced attorneys can help you with:
Contact us today for a free consultation to discuss your estate planning needs.
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Legal Disclaimer
This article is for informational purposes only and does not constitute legal advice. Please consult with an attorney for advice specific to your situation.
Need Personalized Legal Advice?
This article provides general information, but every legal situation is unique. Our experienced attorneys can provide guidance tailored to your specific circumstances.
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