Don’t forget to make a plan for your digital assets

We all have digital assets. In fact, if you use a smartphone, tablet, computer or maintain an online account, you definitely own digital assets. Even if these assets have no monetary value, they may have significant emotional value to you and your loved ones.

We have sufficient resources to plan the condition of physical assets after death. However, as we spend more time online, planning the status of digital assets has become more and more important. This is what you need to know about how to deal with digital assets in an estate plan.

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What are digital assets?

Digital assets are relatively new in the real estate planning field, but they have become an important part of our real estate. Digital assets are intangible objects and information stored on computers, smartphones, USB drives and other devices in electronic form or in the cloud, including:

  • Email account, such as Gmail.
  • Social media accounts, such as Facebook.
  • Online payment accounts, including PayPal.
  • Online trading accounts, such as E * TRADE.
  • Domain names, websites and blogs.
  • Online market account, namely Amazon.
  • Online gaming sites, such as “World of Warcraft”.
  • Cryptocurrency, such as Bitcoin.
  • Cloud storage accounts, including Dropbox.
  • Digital libraries and playlists, such as those on Pandora or Spotify.

Digital assets such as these may have emotional, practical or monetary value to you or your family. Therefore, these assets should be treated in the estate plan along with other assets you own.

How to include digital assets in my will?

Your digital assets may be valuable to your family and friends.This is why it is important to include them in your file will. However, not all of your digital assets can be passed on through your will. Some must be delivered in other ways, while others cannot be delivered at all.

Generally, any transferable digital assets you own can and should be included in your will. This includes:

  • Online bank accounts, funds in PayPal accounts, and funds accumulated in online stores such as Etsy and Amazon.
  • Cryptocurrency, such as Bitcoin.
  • The digital media you own, such as music, photos, and videos.
  • Transferable rewards and benefits, such as frequent flyer miles and hotel loyalty programs.

Some digital assets are not transferable and therefore cannot be passed through your will. E.g:

  • Email account.
  • Social media accounts.
  • Subscription services such as Netflix, Amazon Prime and Spotify.
  • Mobile application.

You usually do not own these types of digital accounts, but you have obtained a non-transferable license to use them. In these cases, the service provider will usually take appropriate measures to allow authorized personnel to close, delete, download files or take other appropriate measures after your death.

What if I die without a will that includes my digital assets?

If you die without a will to deal with digital assets, the executor may find it difficult or impossible to:

  • Find all your digital assets.
  • Access photos, videos and other personal information stored in your online account, mobile phone, computer, etc.
  • Close your social media account.
  • Access information required to complete and allocate assets, such as information that may be stored in your email and bank account.

How to make digital assets part of my estate plan?

To ensure that your valuable assets are ultimately in the right hands, what you need to do is plan what happens to your tangible assets after death.

The same is true for your digital assets. Here are some tips on how to make digital assets part of the estate plan:

  1. Take inventory of your digital assets. Make sure to write down which assets will be allocated to the designated beneficiaries of your estate.
  2. Create a document, usually called Digital Asset TrustTo list the following information:
    • Website address.
    • username
    • password
    • password.
    • Answer security questions.
    • Additional information required to log in to your online account.
  3. Store your digital asset trust documents in a safe location. Then, let people you trust can access the document now or in the future so that they can retrieve your digital assets in the event of your death or incapacity.
  4. If you do not have a will, consider making one. Including a provision in your will that gives someone the right to access your digital assets and leaving instructions on how to use these assets after your death will ensure that your digital assets will not be ignored or lost. In addition, it also enables you to decide how to allocate digital assets.

Plan with Rocket Lawyers at ease

When creating an estate plan, don’t forget to make a plan for digital assets. Doing so will ensure that your digital assets are distributed according to your wishes. You will also save your loved ones any difficulties in preserving the heritage.Don’t hesitate to consult Rocket Lawyer on call® lawyer Provide you with legal advice at a reasonable price that suits your personal circumstances and needs.

This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm, nor is it a substitute for a lawyer or a law firm. The law is complex and changes frequently.Seek legal advice Ask a lawyer.

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