In today’s world of technology, having a solid estate plan and providing for your digital assets should go hand-in-hand. Unfortunately, this is not always the case. Many people do not consider their digital assets when putting together their estate plan, and even fewer people realize what digital assets they have in the first place. It is imperative to discover and understand what these assets are and how to provide for them, because doing this now, takes much less time, expense, and frustration than waiting until it is too late.
What are digital assets? They can be files, social media, accounts, photos, documents, data contained within smartphone apps, blogs, other creations saved online or in a digital format, or even text and email messages. These examples alone can translate into hundreds or even thousands of digital assets belonging to a single person.
To make matters more complicated, most digital assets require login information. Many online providers also have users update their passwords on a regular basis. These requirements are necessary to protect your privacy and your information, but this can also create obstacles if others need to access that information and take care of your assets on your behalf. If steps are not taken to provide for these assets, there is a higher risk that they will be hacked, stolen, deleted, or lost forever.
Including digital assets in your estate plan is a simple way to alleviate these risks. If you are ready to create or update your estate plan, or if you have any questions about estate planning in the digital world, one of our estate planning attorneys can help.
This article was written by Erica N. Beers. Contact her in our Bloomington office by calling 812.332.5000 or our Indianapolis office at 317.453.2000.