Advancements in technology these days is a good thing, right? Sure it is, but when we talk about the importance of estate planning for assets with account and policy numbers, we shouldn’t forget about planning for the digital assets.
The digital assets we may have when we pass away may include the following:
- Online banking
- Photo sharing
As technology increases, this list will continue to grow. What do the above digital assets have in common? They each require a password for accessibility. If we become incapacitated or when we pass away, our loved ones must have access to our master list of digital assets and passwords. If this master list doesn’t exist, precious memories and financial accounts may be lost forever.
Where should the master list be kept? A safe place, such as a safe deposit box works very well. The most important thing is for your loved ones to know which location you have placed this information.
How do we plan for our digital assets? The person(s) you have chosen in your Will or Trust need to be given the authority to take control over all your assets, including your digital assets.
Unfortunately, most people are only focused on planning for the more common assets, such as real property, retirement, life insurance, etc. However, we shouldn’t let the advances of the technology world leave our loved ones in a situation where they are unable to retrieve our other non-financial assets after we pass away.
In order to keep your estate plan up to date with the ever changing fast paced world of technology, please see one of our experienced estate planning attorneys for a comprehensive tune up of your plan. Your family will be thankful that you did!
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.