The common perception of an estate plan is that it serves to pass on finances, real estate, and other tangible assets by way of certain legal documents. However, you likely have many digital assets that your family might lose if you do not include them in your will.
It is very important not to overlook digital assets when you begin the estate planning process. By understanding which items to include in your will and how to pass them on safely, you and your family can move forward with greater peace of mind.
What digital assets can you include in an estate plan?
For better or worse, statistics show that almost 28% of people using cloud storage services upload sensitive data to these file-sharing solutions. While storing information in such a way that may be susceptible to cybercrime is relatively unsafe, it also illustrates the point that your family needs access to your digital files should the worst occur. Other digital assets to include in your will could be:
- Email accounts
- Bank information
- Social media accounts
- Subscription service passwords
How does an estate plan protect these digital assets?
As with most any other asset you would include in your estate plan, passing on digital assets entails naming an executor who will carry out the process of distributing these items. During the estate planning phase, you should secure your passwords in a safe location that your executor can only access upon your passing.
Everyone in the modern day relies on digital conveniences to some extent. It is practically impossible to avoid digitizing important aspects of your life, and so it is necessary to protect the passage of your digital assets by including them in your estate plan.
