Hyden, Miron & Foster, PLLC Law Blog

Monday, April 26, 2021

The Importance of Planning for Your Digital Assets

Take a moment to think of the expanse of our digital presence. Really consider how much of your life is on your computer or online. Despite the amount of time we spend on our laptops and other devices, when you really consider your digital footprint, you may be surprised at its prominence. As use of our technology has expanded and changed, so has estate planning. Estate planning is much a reflection of our lives. With technology permeating so many different aspects of everyday life, it is no wonder that estate planning has needed to change to make room for that. Here, we will discuss the importance of considering your digital assets when estate planning.

The Importance of Planning for Your Digital Assets

Do you have precious memories stored on Facebook? Do you trade in cryptocurrency such as Bitcoin? Do you have photographs, videos, journals, and other writings stored on your computer? These can all be considered digital assets. Ranging in importance from sentimental to financial, digital assets should be accounted for in different ways as you put your estate plans in place.

First of all, you should take steps to ensure that the proper parties, such as your heirs, have access to your digital assets after you pass. The privacy policies can greatly vary depending on the platform. Investigate what you need to have in place in order for certain individuals to be able to access your digital assets once you die. There have been increasing difficulties over this in recent years as many privacy policies have failed to evolve to consider that an online presence may be something a person wants to preserve and pass on to a loved one. Therefore, it can be even more important to do your research on the front end to see what can be done to help ensure your digital assets properly pass to the intended beneficiary.

Second of all, are your heirs and beneficiaries aware of what online and digital accounts you hold? Do they know about your computer files, where they are, and how to access them? Do they have your usernames and passwords at the ready? As part of estate planning for your digital assets, you may want to consider consolidating your passwords by utilizing a password service. With these types of services, a person will only need to know one password in order to gain access to all of your other usernames and passwords. You should also consider making a list of all of your accounts and digital assets and how to access them. This will take much of the stress and the guesswork out of addressing your digital assets after you pass away.

Estate Planning Attorneys

Just when you thought estate planning for more traditional assets seemed overwhelming enough, the modern age throws another curveball your way. At Hyden, Miron & Foster, we are available to assist you in the estate planning process by guiding you through the important aspects of estate planning and how you can best protect your goals and wishes for the future. Contact us today.

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