When deciding to create an estate plan for yourself, there are a variety of decisions that need to be made. This includes how you wish to move forward with the process in addition to what you want to include within your estate. In today’s day and age, a great deal of our lives are managed online. It is because of this that it is important to consider what assets you may have in this capacity. Continue reading below to learn more and contact an experienced California estate planning attorney for assistance establishing an estate plan.
What is a Digital Asset?
Simply put, a digital asset is any type of online record that a person owns. This can cover a wide variety of things, including the following:
- Financial accounts: This can include bank accounts, brokerage accounts, stock portfolios, etc. All online financial accounts should be included within an estate plan.
- Online rewards programs: Some companies provide their goods and services online with different rewards programs for customers. These can become valuable overtime, which is why some people may wish to include it in their estate plan.
- Electronic communications: On average, a person has at least five social media accounts that are regularly in use. While these usually do not hold any monetary value, they can be important to include in an estate plan so they are administered properly.
- Digital collections: This can include any photographs, videos, music files, etc. These tend to carry significant sentimental value, which is worth putting in an estate plan.
Protecting Your Digital Estate
When a person creates an estate plan, it allows them to have a plan in place for the future of their assets. This can include distributing them to loved ones or cherished organizations or charities upon their death. While estate plans were traditionally paper-based in the past, the digital growth in recent generations has translated to most important matters being managed online. It is because of this that most people have an abundance of digital assets, whether they realize it or not. A failure to protect any assets, including digital assets, can result in them falling into the wrong hands instead of securing them for the future.
When including these assets within your estate plan, be sure to include their corresponding access information. This can include a username, password, secret questions, etc. In addition to this, be sure to designate how you want these assets to be handled and distributed so that your appointed executor (the person who handles the administration of your estate plan) will know how to act accordingly.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.