With technology taking over so much of daily life, it is also changing the estate planning industry. When you start creating your estate plan, include your digital assets as part of that plan.
Here are some things to consider as you decide how to deal with any digital assets in your estate planning process.
Identify your digital assets
You need to identify all of your digital assets before you can effectively determine how to deal with them. Create a list of all of your digital asset accounts, including any cryptocurrency wallets, digital stock and investment accounts and social media platforms.
Understand the terms of service
Every digital platform has unique terms of service that define what happens to those accounts and the assets held when the account owner passes away. Review the terms of service for each account to determine which accounts allow for survivorship or ownership transfer.
Name a digital executor
Appoint someone to handle all of your digital assets in the event of your death. Choose someone you trust to carry out your wishes and keep your account information secure. Some platforms may allow you to list your legacy user in your account, while others may require the successor to have your login information.
Digital assets play an important role in most people’s lives. With online stock trading platforms, investment accounts and social media interaction, it is important to decide the fate of those accounts in the event of your death. Include your digital asset plan as part of your estate planning package for comprehensive coverage.