Estate Plans and Digital Assets
Does Your Estate Plan Cover Digital Assets?
You may be asking exactly what are digital assets? Digital assets include videos, text documents, records, music, cell phone apps, social network accounts, file sharing accounts, financial management accounts, domain registration accounts, domain name service accounts, web hosting accounts, social media accounts. On average internet users have 26 different accounts and ten unique passwords!
Can the people named in your estate plan find this information and does your estate plan cover digital assets? A list of all of your digital assets should be included in an exhibit to your trust. If you have a will based plan you will not want to include the list in your will as wills are public documents.
Here are some suggestions for dealing with digital assets in your estate plan:
- Include a very specific clause in your will or trust authorizing your personal representative or trustee to act with regard to digital assets.
- Identify and make a list of all digital assets and email the list to your estate planning attorney. The original should be kept with your trust or estate planning documents but it should not be filed because if it is filed it becomes accessible by the public.
- Ensure your trustee or personal representative has access to the list of passwords for all of your digital assets.
Please contact us if you would like to schedule a one hour complimentary consultation to discuss designing and implementing or updating your estate plan.