People often forget about their digital assets when they create their estate plan. If you forgot to include your digital assets in your estate plan, do not worry; it is an easy mistake to correct.
So, what are digital assets?
Digital Assets
- Photos (even your selfies)
- All your files that you save either on your computer or in the cloud
- bookmarked URLs or URL’s that you own
- your profiles on all your social media accounts
- backups of your files
- any databases
- business documents that you saved digitally
- many more kinds of assets that technology will invent in the future
Some of these assets only have personal value, while others can have real monetary value, such as URLs, any virtual currency accounts (Bitcoin, for example), or digital business assets. These assets beg and demand that you proactively address them in your estate plan. You should begin to consider your digital assets as part of your estate planning legacy that you can pass on to your descendants.
Three Tips to Get You Started
1. Inventory your digital assets
You should list out all of the digital assets that you own, regardless of whether you use them. Do not forget, this includes documents on your computer and the cloud. For documents, perhaps think about listing your documents by who you want to get them and then organize them on your computer or cloud based on that distribution plan. Basically, if your asset is connected in anyway with cyberspace, you should add it to your list for your attorney or personal representative to take care of.
2. Designate a cyber successor
This individual would be the person that you trust to access your digital assets and deal with them after you have passed or are incapacitated. You do need to make sure that they have a way to learn how to access your assets, but make sure that only they can find out how to access your assets.
3. Determine the necessary documents for your estate, and make a record of your wishes.
You need to decide exactly how you want to structure access to your digital assets. You may want to put some assets into a trust, or make some available if you are incapacitated. The best solution for this would be to meet with an estate planning attorney who can help you make these decisions and prepare the right strategies. Your estate planning should also be knowledgeable with the law, as it can be constantly changing.
Potential Pitfalls of Cyber Estate Planning
The absolutely worst thing that you can do for cyber estate planning is nothing. If you do nothing, your loved ones’ access to your digital assets may be blocked, your business make become unprofitable, or any problems. If you are unsure about how to proceed, contact The Rains Law Firm or schedule a complimentary initial meeting to discuss your options and next steps.