Today, our lives are intertwined with online accounts, electronic records, and files that are stored on mobile devices or personal computers. This probably includes dozens of usernames and passwords. In the event of your death, what happens to all of these online accounts and the data stored on your electronic devices? Estate planning with digital assets is something that many people in Florida fail to adequately plan for.
What are Digital Assets and Estate Planning?
A digital asset is typically anything that is created and stored digitally. Data, images, video, written content, cryptocurrencies, social media accounts, software, financial records, and much more are considered digital assets with ownership rights. Digital estate planning is the process of including your online and digital assets in your estate.
Importance of Updating Estate Plans
Digital assets exist in many different forms and can be stored in many different places with different passwords. The average computer user has more than 90 accounts online. Digitally encoded financial information can be especially challenging to gain access to by anyone other than the original owner. If your estate plans do not account for your digital assets properly, your heirs may not be able to gain access to these items. This is why it is so important to update your estate plans without further delay. You just never know what tomorrow may bring.
Identifying Digital Assets
The first thing you want to do is make a list of all your digital assets so your heirs will know what you have and where it is stored. In this list, you should identify your passwords, your online accounts, and all of your digital property. Make sure you store this list in a secure place and let your heirs know how to access it.
Protecting Digital Assets
One way to protect your digital assets is to back up your data that is stored in the cloud to a local computer or storage device. Another way of protecting valuable digital assets is to use two-factor authentication, which adds an extra layer of protection to your accounts by requiring a second form of verification, such as a code sent to your cell phone. Another method is to use a digital asset protection service. These are companies that protect digital assets in estate planning. A digital asset protection service will ensure that your digital assets are cared for and distributed according to your wishes.
Seeking Professional Legal Advice
Every year, our lives become increasingly digitized and the laws and regulations centering around data and digital assets are still evolving. As technology continues to shape our lives, it makes more sense than ever to discuss your estate planning needs with a skilled attorney.
I’m Rob Robinson and I can help you navigate the complexities of digital asset estate planning. For more than 30 years, I have brought an unwavering dedication to serving my clients with excellence and integrity. I can assist you through the entire estate planning process, including preparing legal documents like wills and directives and making sure that nothing, including your digital assets, is left out.
Don’t let your digital assets become a burden for your heirs. By taking the right steps now, you can secure their proper management and preservation for generations to come. Please contact my office to discuss how we can assist you with your digital asset estate planning.