One of the biggest buzzword phrases in estate planning today is “digital asset”. But what does that mean, and how should you plan for it? Does everyone have digital assets? What happens if you fail to plan? These are all great questions, and this brief article will provide you with some details about how to approach this new concern.
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You’ll want to identify your digital assets before you set up plans for them. These might include:
- Domain names/hosting rights
- Credit card accounts
- Debts
- Storage
- Financial and banking account
- Stocks
- Bonds
- Securities
- Utility accounts
- Social media
- Online loyalty accounts
- Retirement accounts
- Tax accounts
- Insurance accounts
As you can see, you very well could have quite a few digital assets. When outlining your list, include the account number, usernames, and passwords. You can store this on a hard media source or through the use of an online program. There will be numerous passwords, especially when it comes to accessing a device, the operating system, opening documents, etc. This way your account information is kept secure.
To manage these accounts, you need a digital fiduciary. It’s easiest if this is the same person who is serving as your will executor, trustee, or agent through a power of attorney. That individual would manage identifying the digital assets, copying or deleting information, and distributing the asset to the intended person.
Without a digital asset plan, your digital information could be forever lost. Even family photos that you have saved on a hard drive could be difficult to access without specific instructions. To learn more about comprehensive planning for all your assets, contact us at 732-521-9455 or through email at info@lawesq.net to begin.