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Digital Age Estate Planning Must Be More Comprehensive

October 29, 2018

Filed under: Estate Planning — Neel Shah @ 9:15 am

Do you ever think about how many online accounts you have, how many places you have stored your photos or backed up some of your favorite videos?

Do you consider these to be assets? You might have skipped out on the traditional estate planning process because you assume it doesn’t apply to you, but that can be a catastrophic mistake when it comes to your loved ones having to make critical decisions about what to do with your belongings, including your digital ones. 

Digital estate planning is just emerging in the marketplace as an important strategy that considers all of the things that you own based on your computer or in the cloud. You might not assume that these are tangible assets, but they could have tremendous sentimental or even financial value depending on what’s inside. You might have forgotten about your passwords and your internet presence but online companies, including social media companies, are increasingly forced to consider the issues surrounding closing out an estate or who owns what is left behind by your presence. Because of these unique concerns, it’s valuable to have the insight of an estate planning attorney who can help you to craft a holistic estate plan. Your digital estate planning assets might be included separately from your traditional tools, such as a trust or a will, but an inventory of the various passwords and how to access these materials, as well as individual wishes you have about whether or not you want your accounts memorialized or shut down, can help your family members make important considerations during the time period after the loss of a loved one. Schedule a consultation with a knowledgeable estate planning attorney today to learn more.

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