How Do You Write an Estate Plan for Digital Assets?

When people first come across the idea that their digital assets should be put into an estate plan, they may dismiss it. They do so because they incorrectly assume that they don’t have cryptocurrency or online gaming accounts, that the issue doesn’t apply to them.

Digital assets extend beyond these. When was the last time you used cash to purchase something? Do you have an email account? A bank account? These are things that are a part of your life that usually exist solely on a computer. You likely have more digital assets than you thought, and we will go over why they need to be protected and passed on correctly.

Ensure That You Leave Behind Access

In addition to the previously mentioned examples, digital access comes in several forms:

  • Blogs
  • Gaming avatars
  • Digital photos
  • NFT (Non-fungible tokens)
  • Online accounts that require passwords

Although your blogs and photos may not be valuable financially, things such as gaming avatars and accumulated air miles (or credit card cashback rewards) very much are. However, whether it has value is beyond the point. If you own them, you should have the ability to give them to a designated beneficiary of your choosing. 

Passwords can present significant hurdles. The money in your account can be used for medical expenses, funeral costs, and back creditors. State and federal laws were established solely to ensure that unauthorized people cannot access personal accounts. Even if you are someone’s brother, you may hit a legal wall when trying to access someone’s account. 

How To Start 

Begin by creating a list of your digital accounts. When you log into something, annotate it. You don’t have to write down the password for security purposes physically, but you should know what requires one. 

When you have a better understanding of what your digital assets are, you can look into ways to consolidate them. Some services allow you to store passwords and digital documents securely. Think of it as a digital safety deposit box.

The last step is to meet with an attorney to ensure that you have given legal consent so that designated people can access them. 

Amsberry Law

Regardless of your assets, you can protect them and pass them to your beneficiaries. When you work with Amsberry Law, you can be assured that your estate plan has been done correctly and represents your unique requests and wishes. To speak with a professional attorney regarding your estate plan, contact Amsberry Law to schedule a free consultation.

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Amsberry Law Firm

The Amsberry Law Firm, founded in 1995, has helped thousands of clients overcome their unique legal challenges.

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