Including digital assets in estate planning
Estate planning is more than just distributing physical assets. In today’s digital age, it’s essential to consider your online presence and digital assets. Proper planning ensures your estate manages these assets according to your wishes.
Understanding digital assets
Digital assets are any online or electronic resources you own. They include your email accounts, social media profiles, online banking, digital currencies, and cloud-stored photos. In Massachusetts, these assets are part of your estate and need to be part of your estate plan.
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Steps to include digital assets in your plan
Including digital assets in your estate plan can be straightforward if you follow a few key steps:
- Inventory your digital assets: Make a list of all your online accounts, passwords, and digital possessions. Doing so helps in identifying what your estate has to manage.
- Assign a digital executor: Choose someone trustworthy to handle your digital assets. The person should be tech-savvy and aware of your digital footprint.
- Provide access information: Store your passwords and login details in a secure way. A password manager is a good choice, or in a written document kept in a safe place.
- Specify your wishes: Clearly outline how you want your estate to manage your digital assets. It could include deleting certain accounts, transferring ownership, or archiving important information.
It’s also important to remember that technology and your digital assets will evolve. Regularly review and update your digital estate plan to ensure it remains current.
A forward-thinking approach
Considering digital assets in your estate planning is a proactive step. The approach can prevent legal hassles and emotional stress for your family, making the process of managing your estate more straightforward.
