We Live in a Digital Age and it’s time to catch up. Whether it’s music on iTunes, family photos on a computer, video games, eBooks, or documents on cloud storage, we all have digital assets of some kind. We also have digital accounts: Facebook, LinkedIn, email, utility billing, and bank accounts.
Digital asset planning is an important part of estate planning. It makes things easier for your family, prevents identity theft and losses to the estate, and protects privacy and family history.
Social media, email, and companies with online accounts allow a deceased person’s family and friends various levels of access. For example, Yahoo e-mail will not give anyone else access to your account and reserves the right to terminate the account and delete the content. YouTube, however, will let a personal representative access your account.
It is important to know what your family will have access to – photos, videos, blogs, bank accounts – and how to ensure they have the access you want them to have. Part of estate planning in today’s society means selecting a digital executor, preparing a letter of instruction explaining when online payments are made, and deciding who will receive your digital assets. You also want to be sure to create an inventory of all hardware, such as laptops, flash drives, and cell phones; software, such as Microsoft Word; social media accounts; and websites used to pay bills.
A good estate attorney can help you prepare your digital assets and accounts for the future.
- 28 Apr, 2015
- Löan Shillinger
- 0 Comments