Several estate planning challenges have arisen because people own digital assets. The challenges include access, transfer, and even knowing that digital assets exist. Digital assets can include:
- Cryptocurrency
- E-wallets
- Websites
- Social media accounts
- Digital photos and videos
- Non-fungible token (NFT)
- Documents stored online
- Email accounts
If digital assets are not adequately addressed during estate planning, locating them and accessing them may be difficult or impossible for your beneficiaries. They could be lost altogether because they are forgotten, and there may be no tangible evidence that those assets exist. Forgetting digital assets can be costly, depending on the asset in question. Therefore, you should take specific actions to ensure that your digital assets are adequately accounted for and addressed in your estate plan.
Create an Inventory
To make sure that your estate plan accounts for your digital assets, you will need to know what digital assets you have in your portfolio. So, to start, make a detailed list of all your digital assets. This list should include where the assets are stored, how they can be accessed, and all the sign-in information needed.
Once you have made the inventory, you will want to make sure that it is kept securely with your other estate planning papers. The list will also need to be updated regularly if you continue to adjust your digital asset footprint because you want to make sure all your digital assets are included in your estate plan. Failure to update the list means newer acquisitions can get lost and become worthless to your beneficiaries.
Relevant Hardware
At least some of your digital assets are probably stored on physical devices, such as tablets or flash drives. Failing to leave instructions about where your digital assets are stored can lead to catastrophe. Be sure to note what physical devices store which digital assets.
Limit Access
You may want to limit access to some of your digital assets, such as your digital photos, emails, or social media accounts, so you should account for that in your estate plan. To ensure that your privacy is respected, your attorney should include instructions and information in your estate plan for the executor about whether the executor can see the emails, messages, and posts before deleting or forwarding them. Your attorney can make sure only the correct beneficiaries get the assets you want them to have.
Include the Digital Assets in Your Estate Plan
After creating the inventory of your digital assets and determining where they are housed and how much access you would like people to have upon your death, you will want to include it all in your estate plan. In your estate plan, you can direct to whom the assets should go, if they should be sold, and whether you want multiple people to access potentially sensitive documents, such as email accounts and photos stored digitally. Additionally, if assets are worthless to your beneficiaries, you can direct your executor or trustee to close the account.
Contact our Tampa Will and Trust Attorneys
Meeting with a Tampa Will and Trust attorney who understands the digital world and how to incorporate digital assets into your estate plan is essential if you have digital assets. Contact our digital asset estate planning attorneys for a consultation to discuss your options. Simply call our law firm at (813) 438-8503 to schedule a consultation.