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Digital Assets and Your Estate Plan

Tue, May 12, 2020 at 10:09AM

Digital Assets and Your Estate Plan

We live in an increasingly-digital world. These days, most applications and processes have some form of online involvement or equivalent. Everything from banking, schooling, work functions, organizational tasks, and more can be conducted by use of the Internet. In addition, many companies are “going paperless,” which requires at least a basic-level understanding of how to fill out forms and information online.

Along with that trend, including digital assets in your estate plan is essential. This includes everything from bank accounts that you manage online, to cloud storage, social media accounts, and more. Any personal data (with or without monetary value) is considered part of your digital asset portfolio.

That’s why it’s essential to partner with a trusted and reputable estate planning attorney in Daytona Beach who can help you protect both digital and tangible assets, and provide for the future of your loved ones when you pass away. Use this advice to make a digital asset plan of your own.

Know the Importance

As discussed, technology is quickly catching up with legal matters. Though increased dependence for online access is a relatively new concept, people are switching nearly their entire lives to digital at an alarming rate. These folks cite convenience and safety as motivating factors.

Of course, privacy becomes a bigger concern as more data is accessible online. You’ll also want to ensure that loved ones have access to your digital assets if you pass away or become incapacitated. Otherwise, you could inadvertently cause confusion and consternation.

Thankfully, there are ways to both manage and protect your digital assets. The first step is to team with a reliable wills attorney in Daytona Beach who can help you determine your best next steps in this regard.

Protect Yourself and Loved Ones

Some companies have already established policies and procedures to help you manage digital assets. For example, Google’s “inactive account manager” allows you to name a person who can access your information, but not necessarily make any changes. Other companies have similar policies and provisions.

On a personal level, it’s a good idea to first take inventory of your digital assets. Consolidate when possible, and remove unused or outdated information. Next, you might consider setting up a sort of “online vault” such as Dropbox, ShareFile, or Everplans.

You should also include, in writing, your digital asset plan in estate planning documentation. At this time, it’s important to carefully consider and detail the extent of information access that your executor will have. Your reliable Daytona Beach wills lawyer can provide valuable insight and guidance in this process.

Reach Out for Assistance

In fact, this way you get the peace of mind that your digital assets are both safe and protected, and also easily accessible to loved ones when you pass away or become incapacitated. Your attorney can help you create an inventory of online property, backup and store data to the cloud, grant and restrict access, decide what should happen with accounts and profiles, add digital assets to your physical estate plan, and similar.

For more than 40 years, we’ve assisted countless Central Florida residents with a variety of legal needs. In addition to estate planning, we also specialize in probate in Holly Hill and throughout the region. In addition, we’re known as a dependable outlet for real estate law and guardianship. Contact us today to learn more about how you can protect and distribute your digital assets.

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