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Digital Assets: The Overlooked Part of Estate Planning

Feb 29, 2024 | Estate Planning

In today’s digital age, your online presence—from social media accounts to digital investments—has become a valuable part of your life. But have you considered what happens to these digital assets when you’re no longer around? 

Let’s delve into why incorporating digital assets is an essential part of modern estate planning.

Identification: Make a list of all your digital assets, including online bank accounts, social media profiles, email accounts, and even your digital library of books and music.
Access: Ensure that your designated executor or trustee has the means to access these accounts. This could be through secure password management or specific instructions in your estate plan.
Distribution: Decide who will inherit your digital assets. For instance, some people choose to leave their digital photos to family members or their cryptocurrency assets to specific beneficiaries.
Legal Framework: Not all digital assets can be transferred upon death due to the terms of service agreements. Be aware of these restrictions as you plan.

Ignoring your digital assets can result in the loss of valuable financial and sentimental belongings and even compromise your identity if these assets fall into the wrong hands. A comprehensive estate plan should include a plan for digital assets to ensure they are managed or distributed according to your wishes. 

Butcher Elder Law specialize in educating and helping you protect what you have for the people you love the most. Call us at (440) 268-8284 or contact us to learn more about how we can help.