Estate Plans Should Include Instructions for Your Digital Assets (Part 1)
By: Barry E. Haimo, Esq.
July 10, 2014
This 4 part blog series on digital assets will cover the following topics:
1. Identifying what are digital assets (Part 1)
2. List the benefits of incorporating digital estate planning into your traditional estate plan (Part 1)
3. Explain the two types of digital assets (part 2)
4. How social media should be treated (part 3)
5. List of what should be in your Digital Asset Inventory (part 4)
For a refresher on identifying what digital assets are, and how important a part they are in our day to day lives, please click here to read this earlier post.
These accounts mention your name and personal information. They may include communications, like email, groups, and various communities. Of growing prevalence is social media-think Facebook, twitter, LinkedIn, Google+, Pinterest, etc. Consider what happens to them when you are gone? Do you want them to be closed? Do you want them to remain open or memorialized? Who do you want to have access to these accounts? What instructions do you want to give that person, if any?
The following list represents some of the benefits of including your digital assets into your estate plan:
- Control over how your accounts are closed & preserved.
- Control over choosing someone you trust to be an online executor (personal representative), and follow your wishes regarding the disposal or care of your digital assets.
- Privacy – preventing the wrong person from accessing your private information.
- Ensuring that your fiduciaries discover all the vital account information when the need arises
- Protection of family savings and investments from lawsuits and claims.
- Protection against inadequate or unavailable insurance coverage.
- Insulation of rental properties reducing your exposure to potential lawsuits.
- Protection of business assets and accounts receivable from potential claims.
- Elimination of probate.
- Reduction of estate taxes.
By now you should realize that our digital world is only going to become increasingly more digital. It’s time to start getting organized and begin planning ahead to ensure that these valuable and even priceless digital assets don’ t disappear forever. To get your family organized and ready for the future, simply complete the form below with your contact information.
Call or email now to get your family organized and ready for the future.
Barry E. Haimo, Esq.
Strategic Planning With Purpose
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