Digital Assets and Estate Planning

What are digital assets?

Digital assets include everything from domain names, electronically stored photos, videos, email and social media accounts, bitcoin and other cryptocurrencies, digital rights, video and gaming channels, and more.

Why is protecting my digital assets important? When creating an Estate Plan, you plan for what assets you leave your loved ones. The obvious assets are homes, cars, expensive items, and so on. In today's digital age, you now need to account for your digital assets as well. If this key piece is overlooked, your heirs might not be able to access some of the most important assets in your estate. Information can be lost forever, and social media accounts may stay active online inadvertently after you have passed. Additionally, if there is any financial gain from your digital assets, your heirs will not receive it, or they will have to go through an expensive and lengthy probate to get access to it. There are criminal and privacy laws in place that will prohibit your heirs from gaining access after you pass away.

How can I protect my digital assets?

First, make a list of all digital assets that contain their login details: usernames and passwords. Leave this information with someone you trust. Next, be sure to backup data stored in the icloud. Finally, hire an attorney to provide legal advice or help re-work/create your estate plan to account for your digital assets. Call us today for a free consultation about your assets.

Author: Emily Gale Tooher, Owner of Tooher Law, PLLC

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