![]() ![]() ![]() While you are often cautioned to not write down this information, it can be helpful to your heirs and advisors to have easy access to this information in the event of your death. ![]() Document passwords to allow access to your accounts. You also want to make sure you have the right team of advisors in place to help your survivors deal with these issues.ģ. The person you have identified to handle financial matters when you are gone may not be the appropriate person to handle your digital assets. Identify someone who will handle your digital assets. Make sure you include any hardware- such as computers, tablets or smartphones, important computer files or documents, and all online accounts.Ģ. Start by making a list of all of your digital assets. Take an inventory of your digital assets. You may also want to consult with your financial advisor and attorney to ensure your plan is incorporated into your regular estate plan and updated on a regular basis.ġ. Adopted in many states and being considered in several others, the revised Uniform Fiduciary Access to Digital Assets Act provides clear rules pertaining to how an executor can manage digital assets following the death of the owner.Īs you look to add digital assets to your estate, the following are some tips to get you started. The good news is that individual states have introduced standard governance guidelines for estate planning and digital assets. That’s why careful planning and research is necessary when adding digital assets to your estate plan. However, some companies may consider another person accessing an account a violation of their terms of use and may freeze or close the account. In some cases, it may be enough to make sure the person you named as executor or power of attorney has access to your passwords. Many online services have yet to establish clear and concise policies for how digital assets and liabilities should be managed once their owner has passed on. Two principal issues can arise over a person’s digital estate: first, the data or copyrights that belong to the deceased and can be inherited and second, access to the deceased person’s digital estate by an executor charged with dealing with it. Along with your online presence, your digital estate includes data stored on personal devices like tablets, computers, and smartphones. Legal considerations such as intellectual property and privacy laws further complicate the area of digital inheritance.Ī digital estate consists of the digital media rights that can be inherited.Digital assets are transitory in nature and subject to constant change.The media in which a digital asset resides may be owned by the deceased or by another entity.While estate planning for digital assets follows the same basic process as planning for physical assets, it comes with some unique challenges: Estate Planning Considerations for Digital Assets ![]()
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