Many of us live our lives online. This means that some of our most important assets are digital. When it comes to planning for the future, it is imperative that you take these assets into account. Read on to learn more about digital estate planning in California.
What is a digital asset?
Any online record that an individual owns is considered a digital asset. Some of the most important digital assets to include in your digital estate plan include:
- Financial accounts: Most banks permit their clients to conduct bank transactions online. Some banks are also partnered with digital payment systems, such as PayPal or Zelle. These systems allow users to conduct online money transfers. Both bank accounts and online payment services are deemed financial accounts and should be incorporated into an estate plan.
- Online rewards programs: A number of our favorite stores have created programs to reward valued customers. These programs often award returning customers with points, cashback, or discounts. In some instances, these rewards can accumulate and become valuable enough to be included in a digital estate plan.
- Electronic communications: In a digital estate plan, you can include social media passwords, declare what should happen to your accounts and more. Some social media accounts with large followings and monetization opportunities are incredibly valuable and therefore may be included in an estate plan.
- Digital collections: Any photographs, videos, or music files that are digitized are considered in digital assets. Even though they may not hold any monetary value, they likely hold sentimental value, which should be included in your estate plan.
How can I protect my digital estate?
When it comes to your digital estate plan, is important that you create a list of the different accounts you have, including social media, bank accounts, stores, and more. Be sure to include the access information, such as your username, password, secret questions, etc. You will want to determine how you want your digital assets handled and distributed, as you would with assets in a will. You will also need to select a trusted individual to serve as a digital executor. This individual will have authorized access to your online accounts and control the management and distribution of your digital assets.
If you have any questions or concerns about digital estate planning, our firm is here to help. Reach out today to speak with an experienced and dedicated attorney.
Contact our Firm
Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.