It is important for anyone to create an estate plan at some point throughout their life. In the past, people generally did this through paper documentation. However, as technology developed and the rise of the digital age occurred, people have begun to manage more of their life online. It is because of this that many people have some form of digital assets. These are often important, which is why they should be included within an estate plan. To learn more, continue reading and contact an experienced Alabama estate planning attorney.
What is a Digital Asset?
Simply put, any type of online record that you own is a digital asset. This can include the following:
- Financial accounts: Bank accounts, brokerage accounts, stock portfolios, etc.
- Online rewards programs: Companies sometimes give goods and services to customers through online rewards programs that may have the potential to become valuable overtime.
- Electronic communications: People tend to have at least five social media accounts that they use regularly. While they do not usually have monetary value, they can be included in an estate plan to be distributed to beneficiaries.
- Digital collections: Photographs, videos, music files, etc. that have sentimental value.
Protecting Your Digital Estate
With a proper estate plan, you can ensure there is a plan in place for the future of not only your assets, but your health and loved ones as well. In today’s day and age, not all assets are documented with paper. Instead, certain assets can only be found online. Failing to include these assets in an estate plan and not having a plan for them would be a mistake. This is because it can cause them to wind up in the wrong hands upon your death. When creating an estate plan that includes digital assets, do not forget to include corresponding access information as well. This can include usernames, passwords, secret questions, etc. Also be sure to designate your desires for how the assets should be administered so your executor knows how to do their job.
Contact our Firm
Stone Crosby, P.C. has proudly served clients in Alabama for over 100 years. Our firm has experience handling matters including divorce and family law, estate planning and administration, business law, employment law, class actions, consumer protection, business law, real estate law, among many others. If you require quality legal representation, contact our firm today to schedule a consultation.