When people first come across the idea that their digital assets should be put into an estate plan, they may dismiss it. Or they may not understand how to write an estate plan for those digital assets. Some people incorrectly assume that they don’t have cryptocurrency or online gaming accounts, so they also assume 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 with Estate Planning for Digital Assets
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.
Get Help With Planning for Your Digital Assets
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.
Attorney Russell J.G. Amsberry
Attorney Russell J.G. Amsberry founded the Amsberry Law Firm in 1995 with the goal of providing clients with exceptional, focused representation on their issues. His success as a legal advocate has been reflected in the numerous professional honors he has received, such as speaking engagements and inclusion in Scene in SA magazine’s listing of the best lawyers in San Antonio, a Distinguished rating from Martindale-Hubble, and an amazing rating from Avvo. [ Attorney Bio ]
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