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When individuals prepare their wills, they are often only thinking about their physical property (such as real estate, vehicles, jewelry, etc.) and financial accounts.
Digital estate planning is a fairly recent concept, and it is something that is frequently overlooked when people set up their estate plans. Digitized assets can be very valuable in some cases, however. But these assets do not leave a paper trail, and if they are not addressed ahead of time, they could be very difficult to deal with when someone dies or becomes incapacitated.
Even if you do not have a million Instagram followers or millions of dollars worth of cryptocurrency, there is still a good chance that you have digital assets that you own, control, or license. But in order for your executor or power of attorney to even locate these assets, they will need logins, passwords, and instructions on how to access the accounts. To complicate matters further, many online providers have limits on what an executor can and cannot do with an online account that belongs to someone else.
Taking Inventory of Your Digital Property
Some digital assets hold significant financial value, while other assets have sentimental value for family members and friends. The first step to digital estate planning is to create a comprehensive list of all of your online assets. Here are some examples of digital assets that people commonly possess to help jog your memory:
Once you have listed all of your digital assets, create an inventory of these assets along with logins, passwords, and a letter of instruction on how to access your online accounts. However, do not put this sensitive information in your will, because your will becomes part of the public record after you die.
Keep all of your online information in a secure place, such as with your attorney, in a home safe, or in a safety deposit box at the bank. There are also online storage services such as LifeSite and Everplans where you can keep this information and give a trusted person access to it.
Work with a Reputable Virginia Estate Planning Attorney
The world of estate planning has had to evolve quickly during the past several years to keep up with the rapid digitization of our society. Today’s estate plans must address your online assets, or a significant portion of your property could be lost to the next generation. When you develop your estate plan, be sure to work with an attorney who is up to date on all of the changes in recent years.
For skilled guidance with estate plans in Virginia, Buck, Toscano & Terezkerz is here to help. To set up a consultation with one of our attorneys, message us online or call our office today at (434) 977-7977.
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Phone: 434-977-7977
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Browse Our Website
Contact Information
Phone: 434-977-7977
Email: btt@bttlaw.com
Business Hours