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It’s time to address your digital assets

On Behalf of | May 20, 2024 | Estate Planning |

Nowadays, almost every teenager and adult in the U.S. has cultivated a substantial digital footprint, ranging from online bank accounts and social media profiles to digital currencies and personal content stored in cloud services. As such, incorporating digital assets into estate planning has become an important undertaking.

Addressing digital assets in estate plans helps to ensure that valuable and/or sentimental digital content is handled according to one’s wishes and that loved ones are not burdened with the need to unravel one’s digital footprint when they need to focus on grieving.

Key considerations

Without proper estate planning, accessing or managing digital assets can become a complex issue for those left behind, potentially leading to significant financial losses and/or the disappearance of cherished memories.

Additionally, addressing digital assets in estate planning also helps to protect one’s privacy and maintains the security of personal information. By specifying which assets should be archived, deleted or transferred, individuals can more effectively prevent unauthorized access and misuse of their digital information posthumously.

Finally, including digital assets in an estate plan not only provides clear instructions on how to handle these assets but also simplifies the process for those who must manage one’s estate. Detailed guidance on where to find digital assets and how to access them can save significant time and effort, and reduce the stress on loved ones who are tasked with managing estate affairs.

The importance of addressing digital assets when estate planning cannot be overstated. As each American’s life becomes increasingly intertwined with the digital world, ensuring that their assets are properly managed in an estate plan is essential for safeguarding their financial interests, personal memories and privacy. In short, it’s time for adults to recognize the significance of their digital legacies and take appropriate steps to secure them via estate planning.