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What to know about digital assets your estate plan

On Behalf of | Feb 24, 2022 | Estate Planning |

You want a say about what happens to your personal property and assets after you die. By creating a will and an estate plan, you can control who receives the assets in your estate following your death.

According to the American Bar Association, estate planning involves how to transfer your property at death, in addition to many other personal matters. Although you should include physical assets in your estate plan, you should also take into account the distribution of your digital assets.

Understand what you own

Even if you purchase a digital good, this does not necessarily mean you own it. For example, if you purchase digital music, you likely only bought a license to use the music, not the right to own that digital file.

Create a list

When you put together a list of your assets, also create a list of your digital assets. Once you create this list, make its existence known to your loved ones. This list should also include information about all your online accounts, your passwords and the basics of the digital property you own.

Back up your data from the cloud

If you store your digital assets on the cloud, create backups on a storage device or local computer. This will allow your loved ones and estate fiduciaries to access your digital assets quickly and with fewer obstacles.

You may acquire new digital assets regularly throughout your lifetime. Make sure you take into account these assets whenever you update or make changes to your estate plan.