When estate planning for digital assets, it’s important to consider the following:
- Identify what digital assets you have: This includes social media accounts, email accounts, online banking and investment accounts, and any other digital assets that may have financial or sentimental value.
- Determine who will have access to the assets: You should name a specific person or group of people who will have the authority to access and manage your digital assets.
- Provide login information: Make sure that the person or people who will have access to your digital assets have the necessary login information, including usernames, passwords, and any security questions or answers.
- Update your will or living trust: Your will or living trust should include language specifically addressing your digital assets, granting your executor or trustee the authority to access and manage them.
- Use digital asset management services: Some digital asset management services, such as Google Inactive Account Manager, can automatically grant access to your accounts to designated individuals after a certain period of inactivity.
- Consult a lawyer: A lawyer can help you navigate legal considerations related to digital assets and ensure that your estate plan is properly structured to deal with them.
Some examples of the language you may want to use in your living trust to deal with digital assets is: “I hereby grant my trustee the power and authority to access, manage and distribute my digital assets, including but not limited to, my online bank and investment accounts, social media accounts and email accounts. I direct my trustee to provide my appointed executor with all login information and passwords necessary to access my digital assets.”
It is important to consult with a lawyer to ensure that your estate plan is legally binding and properly structured to deal with your digital assets.
It’s always important to consult a professional to guide you with your estate planning.
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