Covering all the Bases: When I Die, I Want My Digital Assets to be Known

//Covering all the Bases: When I Die, I Want My Digital Assets to be Known

I know it’s no fun to think about this topic, but you are going to leave a legacy when you leave here. For better or worse, you will leave a legacy. I am going to use the next few blogs to cover topics you need to address as a part of your estate plan. If you have a Last Will & Testament in place, that’s great. Look at this blog and the next few as reminders of other steps you need to take.

When you pass away, you will have likely several types of assets. Real Property (i.e., an address with a house on it), Personal Property (like your Hess Truck Collection), Intangible Personal Property (like investments, IRAs and brokerage accounts), and Digital Assets. That last one, Digital Assets, is relatively new.

Your will have User names and passwords for many online endeavors. These are known as digital assets. Note, it is not necessarily the asset they represent, as in the money in the bank account for which you have a user name and password, but the user name and password themselves may be considered Digital Assets. These assets need to be protected. There is a whole new cadre of products waiting to be created to deal with these assets. Be aware that someone will need to address your online presence when you pass away.

Be sure your loved ones are aware of your wishes. Most attorneys have begun at least addressing these Digital Assets in a general way. The horizon is far from settled on how these assets will ultimately be dealt with. In the meantime, be sure you do your best at informing your loved ones how you would like them to deal with your Facebook account, your online access to other sites, and your Digital Assets in general.

2018-01-11T16:24:09+00:00 December 15th, 2017|Estate Planning and Administration|0 Comments

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