Digital assets

     Technology is advancing at a fast pace. All the things that can be done now could not have even been imagined a few years ago. Video calls, paying with your phone, and storing large amounts of photos are all relatively new things many people now have access to. Someone who wrote their estate plan just 15 years ago would surely not have factored any of that in.

     Digital assets may only scratch the surface of what may be available in the next few years to come. This is why it’s a good idea to make an estate plan that deals with this newfound technology some things to include in your estate plan are:

• Social media accounts
• Cloud storage accounts
• Money in digital wallets or shopping sites
• Bitcoin or other forms of cyber currency
• Emails
• Online financial accounts
• Photos, music, and books
• Computer and phones

     Protecting these assets ensures your privacy and security.   If you want someone to oversee these things, ensure they have access to these accounts. Any assets with financial power will need a financial POA to access them during your life and a trustee or executor appointment in your trust or will, respectively. 

Steps to Protect your Digital Assets

     If you want to protect your estate along with the digital assets and private online accounts, your estate plan will need the following:

• Financial POA for Digital Assets – Even with a financial or durable POA already in place, you might need to revise it to ensure that it authorizes the agent to access online accounts. A POA is effective when it is signed and remains effective if you become incapacitated. Once you die so does the POA, and this process is taken over by the executor of your will or trustee of your trust.
• Instructions for Online Accounts – It’s crucial that you include instructions on how you want your accounts handled. There are several options for sharing your passwords. This includes writing them down in a safe space, or using an online password-storage service such as LastPass or Keeper.   If doing it by paper, it will be helpful to include this spreadsheet with your other estate planning documents.
• Beneficiaries for Digital Property– If you have any valuable books, movies, or music, you should list them in your will and who you want to inherit them. The same is true for photos. Make sure the backup copies are in an easy-to-access location, such as a USB kept in a safe. 

     Technology, digital assets, and online accounts can be hard to keep up with. However, its vital that you make sure these accounts are safe to ensure your estate is handled properly and your loved-ones aren’t left with a nightmare.

     The best way to protect yourself and your estate is to consult your local elder law attorney. They will make sure that you have the best plan setup to protect what matters to you.