Advancements in technology these days are a good thing, right? Sure they are, 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 review of your plan. Your family will be thankful that you did!
Morris Hall Can Protect You in Today’s Litigious Society:
We live in a litigious society, where over 1 million lawsuits are filed every year in America alone. Financial predators are looking for ways to take funds from others and often use litigation as their means to do so. At Morris Hall we provide your assets and your loved ones with important protections that can prevent financial predators from taking advantage of you. We do this through proper and current estate planning techniques. With an MH living trust, we can also protect your property, assets and loved ones from probate, estate taxes, gift taxes, creditors, Medicaid spend-down, conservatorship or guardianship proceedings, ex-spouses and more. A living trust also keeps your asset and beneficiary information private and secure to avoid giving financial predators information to use against you and your family. Without a living trust, this information will be made public. For those living in Arizona, we serve the areas of Phoenix, Mesa, Gilbert, Fountain Hills, Scottsdale, Cave Creek, Prescott, Flagstaff, Sedona, Tucson, Sonoita, Arrowhead, Avondale, Goodyear and Tempe. In New Mexico we serve the areas of Albuquerque, Santa Fe, Las Cruces, Rio Rancho, White Rock, Alamogordo, Truth or Consequences and more. Contact us today at 888.222.1328 to schedule an appointment with an attorney in your area!
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.