Planning for Digital Assets
When we think of estate planning we usually think of planning for traditional assets – Real estate, cash, investments, etc… But we now live in an era where access to our wealth and our personal information is kept digitally. Consider the information you have on your computer, smartphone, email accounts, digital notebooks, online accounts. Have you considered what happens to this information to this information if you become incapacitated or after you pass away? Will anyone know where to look for this information, and even if they find it, will they know how to access the accounts?
An integral part of every estate plan should be planning for these digital assets. Here are a few ideas:
- First, create a comprehensive inventory of all of your digital assets. Create a list of all your devices – computer, phone and pads.
- Next, create a list of all of your online accounts.
- And finally, create a list of all of your passwords and make sure the list is updated.
You should then consider how you are going to give your loved ones access to these assets if you get sick or pass away. Consider forming an LLC and transferring ownership of you digital assets to the LLC. I also suggest that you create and maintain an online storage account. This account is where you can securely store your passwords so they can be accessed when necessary.
If you have not yet planned for these assets I invite you to contact our office for all of your estate planning needs. This is Jamie Kalicki with Kalicki Law Offices, Remember, when it comes to estate and business planning, its Kalicki Law Offices.