Why You Should Incorporate Your Digital Assets into Your Estate Plan

Most people these days have digital assets that are home to many valuable files and memories. That is why you should include them in your estate plan. Keep reading to learn more and reach out to an experienced Woodland Hills, California estate planning attorney today.

What is a digital asset?

Any online record that an individual owns is referred to as a digital asset. Online records can include a number of different kinds of content, varying from a blog on fashion to an online rewards program. If you are not prepared for the control, distribution, and access of your digital assets, then they may end up in the wrong hands or even get wasted. When determining your estate plan and the assets you would like to protect, be sure to consider including the following:

  • Online rewards programs: A number of companies have moved their goods and services to the online platform, they have also constructed online rewards programs for customers. These kinds of programs often award returning customers with points, cashback, or discounts. In some instances, these rewards can become valuable enough to earn being noted in an estate plan.
  • Financial accounts: Most banks now permit their clients to conduct bank transactions online. Some banks are also partnered with digital payment systems, for example, PayPal or Zelle, that allows clients to conduct online money transfers. Both bank accounts and online payment services are deemed financial accounts and should be incorporated into an estate plan.
  • Electronic communications: A person has on average at least five social media accounts that they use every day. Even though it is doubtful that a person’s Facebook or Twitter account might generate any monetary worth, it is important to include these and other electronic communications in an estate plan so they can be appropriately allocated.
  • Digital collections: Any photographs, videos, or music files that are digitized are included in digital assets. Even though they may not hold any monetary value, they likely hold sentimental value, which should be mentioned in an estate plan.

How can I protect my digital estate?

If you use online services, it is important that you put a checklist together of the different accounts you own and also be sure to include the access information (username, password, secret questions, etc.). You will want to determine how you want your digital assets handled and distributed. Also, you will need to select someone 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.

In order to confirm that you have collected your digital assets for the future, you should speak with a skilled attorney today. Our legal team is prepared to walk you through this process.

Contact our Firm

Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. 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.

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