Estate Planning – Digital Assets
Have you considered your digital assets in your Will & Estate Planning documents?
Most of us, no longer have paper records which were filed away in drawers and filing cabinets. Nowadays, we store a great deal of these records on our computers, tablets and mobile phones with many accounts whether financial institutions or other types of accounts are conducted solely online.
What are Digital Assets
Digital assets are your passwords, pin numbers, answers to secret questions, digital photos, the contents on our computer, laptop, tablet and mobile phone; usb drives, email accounts, social media accounts, software. What happens to these assets if you pass away? Most online accounts including email accounts, utility accounts, bank accounts, social media accounts are password protected. Would a family member or the executor of your estate know where to find your digital asset passwords and documents?
Appointing someone to operate and manage your digital assets in your Will.
You should ensure in your Will that you appoint the executor or another person to manage your digital assets and you then need to make an inventory of all digital assets detailing user names and passwords and provide instructions for what you would like done with each digital asset, such as maintaining Facebook for a memorial wall for a certain timeframe.