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Estate planning and digital assets: Things to think about

Estate planning can be complex on many fronts, especially if you have many assets to leave behind to your family.

While it's easy to focus on the most common assets, such as bank accounts and your family home, some people overlook the importance of making a plan for their digital assets.

This can include but is not limited to your social media accounts, email accounts, income producing websites and domain names.

Here are some top tips to follow in regards to estate planning and digital assets:

  • Think about your privacy, as you don't want just anyone being able to access your digital assets upon your death
  • Make plans for your digital assets along with the rest of your estate plan
  • Make changes to your estate plan as necessary, such as when you acquire new digital assets
  • Check with the services you use to better understand what they do in regards to assets after a person passes on

It's never easy to think about what will happen after you pass on, but it's the responsible thing to do. As you create an estate plan, pay close attention to all of your digital assets.

With the right plan in place, you never have to worry that your digital assets will end up in the wrong hands or simply sitting dormant indefinitely.

Just the same as any other asset in your life, you need to strongly consider what will happen to your digital assets when you're gone. You don't want this unknown hanging over your head as you age, as it can cause unnecessary stress and concern.

Source: Scientific American, "Estate Planning for Your Digital Assets," Natalie Banta, Feb. 07, 2018

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