When you think about your estate plan, you probably consider your home, vehicles, family heirlooms, and financial assets. But there is another category to consider, and it is a big one—your digital assets.
The time you spend on your smartphone and computer has built a virtual warehouse of digital assets, which can include personal assets (e.g., photos, videos, gaming accounts, loyalty programs), content on your social media accounts (e.g., Facebook, TikTok), and financial assets (e.g., credit card accounts, virtual currencies, loans, retirement accounts).
Why You Should Add Your Digital Assets to Your Estate Plan
Your estate plan addresses the distribution of your worldly goods, but what about your digital assets? It is essential to consider who could receive them and who is technologically adept enough to manage and preserve them. A wide array of digital assets is a regular part of your life, which can also have great sentimental or financial value.
Why is this important? Without a plan, your digital assets could get lost, especially if nobody knows they exist. Having a plan in place when you pass away will preserve them and avoid creating problems for your grieving loved ones. In addition, taking control of your digital assets will now maintain your privacy and help you avoid identity theft after you have passed away, which happens to millions of Americans yearly.
Steps to Consider When Including Your Digital Assets in Your Estate Plan
- Inventory your digital assets.
- Make a list of all your digital assets.
- Make sure they can be found when needed.
- Document your wishes.
- Decide if you want each asset to remain private, be inherited by a loved one, or be made into a memorial account.
- Designate a cyber successor who will not be overwhelmed by the task.
Jordan & White, LLC Can Update Your Estate Plan
At Jordan & White, LLC, we can ensure that your digital assets are included in your estate plan, and you can rest assured that they will be handled according to your wishes. Contact us today for a confidential consultation.
