Digital assets are a category of your legacy that many people overlook. If you didn’t include this in your will or trust, don’t worry because it is simple to fix and a very common occurrence.
Digital assets include the following:
- Device backups
- Digital business documents
- Files in your cloud or computer
- Social media profiles
- Virtual currency accounts
- And more as technology evolves
Your digital assets can have real value, especially virtual currency accounts, a URL or any digital business assets. We can no longer just wait and see with these assets. No matter if you are a proactive planner or not, your legacy not only includes your funds, family heirlooms and general assets but also your digital assets.
Below are three tips concerning your digital assets:
1. Inventory digital assets
Make an inventory list of all your online accounts. Spreadsheets, digital records, client files, database and any other digital business documents should be listed. Anything that exists in cyber space and relates to your business in any way needs to be added to the inventory list and given to your attorney or executor.
2. Designate a cyber successor
Choose a successor who can access your accounts and perform business for you after you die or are incapacitated. Have a way for them to access the accounts quickly. Make sure your list is safe from unauthorized access, identity theft, data loss or something worse.
3. Make a record of your wishes regarding necessary documents for your estate.
It may be a wise choice to include some of your digital assets into a trust or to allow access to them in a power of attorney. Talk to your estate planning attorney to determine your successors, trustees and beneficiaries and the correct documents or designations so access can be made when necessary. Laws are changing and evolving regarding digital assets so if you have made any plans, they probably will need to be updated.
Potential Pitfalls of Cyber Estate Planning
Doing nothing is the worst thing you can do! Family photos could be lost or your business can be disrupted if you become incapacitated or die. If this feels overwhelming to you or you don’t know what to do first, call our office and allow us to help you identify, track, and protect your digital assets giving you peace of mind. Call us today!