Estate Planning Considerations For Your Digital Assets

This is the part of estate planning that you haven’t planned for. When you think of your assets, you think mostly of physical possessions, real property, and money. But have you considered your digital assets? Some examples of these kinds of assets are as follows:

  • Any rewards or earnings you have accumulated online (i.e., air miles)
  • Cryptocurrency 
  • Online banking accounts (i.e., PayPal)
  • Gaming avatars of value
  • Digitally stored photos
  • Any digital rights you own (i.e., literary works or musical compositions)

These are a few examples. As a general rule, think of your digital assets as anything with log-in and security barriers. This is how potentially large the scope of your digital assets is. 

Where Do I Start?

First, start compiling all of your digital assets. Each time you log into something, write it down (not the password). Your list will begin to grow: email, financial accounts, cloud-based services. If you open an app on your phone, make a note of it. 

What Do I Own?

This is just one of many examples as to why you need an estate planning attorney. How much of your digital estate do you own?

When you pay for a song on your phone, do you own that song? Are you able to pass it along as an asset? Before joining some of these digital services, you signed (or clicked that you understood) the terms of service. Of your digital assets, which ones have terms-of-service agreements that prohibit you from sharing with third parties? 

For the things that you do own, there are both federal and state laws protecting your privacy. The digital space and personal data are growing exponentially. Legislation cannot be created as quickly as the evolving internet. Your estate planning attorney will be able to advise you on current laws. 

Together, you can ensure your beneficiaries can access your accounts legally. 

How Memories Are Captured Are Changing

In previous generations, people held onto photo albums, picture frames, and even old letters. Though these things were not valuable in terms of financial worth, they were inherently important and precious. 

What does a photo album look like now? It’s online. It’s someone’s account on a social media platform. Because of data privacy laws, your beneficiaries and heirs might not be able to get into your account. If the social media platform locks your account, people may need to get a court order just to access your photos. 

ElDeiry & ElDeiry, P.A., 

ElDeiry & ElDeiry is a family that is sincere and committed to helping yours. Your estate planning process may be complex, especially when it comes to digital assets. We are to help you transfer your assets to those you care about. Contact us to schedule a consultation. We can also be reached at (954) 670-2800. 

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