When you hear the term estate plan what immediately comes to your mind? The protection and management of tangle assets, right? What about digital assets? What happens to your digital assets when you eventually kick the bucket? How do you protect your digital assets from identity thieves?
As we tend to live more of our lives online, it is very crucial that you make plans regarding your digital assets when creating an estate plan.
What are your digital assets?
Your digital assets are those digital assets you own such as your PCs, phones, tabs, IPods, I pads, etc. Information stored via an electronic device also qualify as your digital assets. Those domain titles you own, your social media accounts, your electronic mails, your cryptocurrency wallets, online bank accounts, investments accounts, etc. While creating an estate plan, you have to consider these assets. Failure to do so make result in some complications after your demise. Imagine having some bitcoins stashed in your bitcoin wallet, but it’s inaccessible because no one knows your password. While it may be possible to retrieve the password, it will take lots of time and would put your loved ones through so much stress.
How do you protect your digital estate?
Protecting your digital estate is very important. You can do this in four basic steps. You don’t need to go to court neither do you need to visit the police station. This can done by you. However, you may need to contact an estate planning attorney along the way. You will definitely need advice and some help.
- Outline all your digital assets and their login details
Make a list of those digital assets you own such as your social media accounts, your cryptocurrency wallet, your online bank accounts, your emails, etc. Then on the same list state the passwords of each digital assets. Afterward, go ahead and store this info in a management program secured with a password. You can also store this information on a UB device.
- Keep your list in a secured location
When your will is filed in court, it could become accessible by the public. This makes it a very terrible place to secure your list. Rather than store your list in your will, store it in a place that your executor and loved ones are aware of.
- Create a plan
What do you want to happen to each of your digital assets? How do you want them to be managed? Create a well-detailed plan that contains your wish regarding your accounts.
- Contact an estate planning attorney
You may not be able to do this all by yourself. Thus, it is very important that you contact an estate planning attorney for advice regarding how to properly secure your digital assets. If you have questions concerning other aspects of your estate plan, you can also ask.
Why do you need and Estate Planning Attorney
Estate planning can be quite complex especially in the digital era we find ourselves in. This plan can determine the future of your children, spouse and those you care about. For this primary reason, it is important you ensure that you create a quality estate plan. An estate plan that can cater for your family and those you care about when you are no more. Creating such an estate plan is not easy, truth be told. If you aren’t an experienced attorney you’ll find it very difficult to create such estate plan.
Would you like to gamble with the destiny of your children by creating an estate plan yourself? Are you confident of creating an error-free estate plan? One capable of securing your digital assets? Can you create an estate plan that is in line with your wishes regarding your estate? Tasks like this are left for the professionals. You need the help of a competent estate planning attorney if you want the best estate plan. You also need their advice on how to secure your digital assets. These professionals are experienced. They know the system like the back of their hands. They are also current with the estate laws of your state. What more can you ask for?
As one of the best Law Firms in New York, we boast of some of the best Attorneys in the State. Contact us, let’s help you plan your estate!