The Role of Digital Assets in Estate Planning

An estate plan will allow you to direct and control how your assets and your estate will be distributed if you become incapacitated or die. Apart from an estate plan, there are also other considerations to make.

You need to plan and assign a guardian to your children if they are minors or have special needs. You could also choose the option of probate so that you’re eligible for Medicaid later on. There’s also the important matter of your digital assets to consider.

Today, let’s discuss what digital assets are and what role they play in estate planning.

What Are Digital Assets?

Digital assets are becoming an increasingly popular inclusion in estate plans in recent times. Digital assets refer to the various online accounts a person may use and rely upon.

These online accounts could be on social media platforms such as Twitter, Facebook, Instagram, Tik-Tok, YouTube, Pinterest, LinkedIn etc. Other more official accounts to take into consideration include an Amazon account, a PayPal account, a personal email account etc.

Moreover, online streaming platforms such as Netflix offer monthly and yearly subscriptions, so if you have an account with them, they also have access to your banking details.

All these different types of digital accounts need to be considered when you are in the process of estate planning.

A person typing on a laptopRole of Digital Assets in Estate Plan

Digital assets play an essential role in your estate plan. You need to create an estate plan for your digital assets in which you may provide certain loved ones with passwords to your accounts in the event of your demise.

If you want your digital assets to be managed well and remain protected from cyber-crimes, such as online theft, identity fraud, and hacking, then you need to include them in your estate plan, especially if these accounts are monetized and generate income.

Moreover, creating an estate plan that includes your digital assets will ensure your family doesn’t have to go through the extensive process of probate to get access to and authority over your digital assets.

To get the best estate planning attorney in Reno, get in touch with us at Kalicki Collier. Our estate lawyers will help you account for all your digital assets in your estate plan. Request a consultation with us today.

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