Digital assets and changes to estate planning

digital assets and changes to estate planning.jpg

Florida readers know that an estate plan is always a good idea, regardless of a person’s age, heath or the value of his or her estate. Estate plans can allow you to decide what will happen to your property, including everything from your home to your valuables. However, many estate plans also now include terms that address digital assets as well.

Your digital assets are an important part of your life, yet many people forget to include these things in their estate plans. By leaving these things out of your will, your loved ones may find themselves left dealing with the complications associated with everything from what will happen to your Facebook account to your photos stored online.

Protecting your future in the digital age 

As estate plan is a way for you to control what will happen to your property after you pass away. However, it is beneficial to think about more than just your tangible assets. Consider the following about including digital assets in your estate plan:

  • Almost every aspect of your life likely has an online counterpart, such as your bank account, personal information and much more.
  • There are laws in place that would keep unauthorized people out of your online accounts, even if you passed away.
  • By including in your estate plan your consent for loved ones and beneficiaries to access your accounts and information, they can handle your online matters with significantly less legal complications.

It is easy to forget about things such as your stored photos, downloaded music, online bank accounts and other important information that is stored online. It is beneficial to protect your interests by including provisions for your digital assets as well.

A new factor that is impacting many estate plans is the existence of cryptocurency. Bitcoin and other digital currencies may have some monetary value that could be important to your beneficiaries, and you may need to consider how you should also account for these assets in your estate plan.

Important decisions for the future

It is impossible to predict the future, but you can have a certain measure of control over your estate with a strong and thoughtful estate plan. If you have an existing plan, it could be important include potential updates you may need in order to include your digital assets. Estate planning is a complex process, and there may be things you would be wise to consider as you craft a plan that helps you accomplish your goals, including your non-physical assets.

FindLaw Network