Planning for Digital Assets

These days, digital assets are more common. From Bitcoin to other assets, it is important to let your heirs know what you have stored away, where to find those assets and how to access them.

Now that digital assets are more common in wills, it is a good idea to know how to plan for them. Here is what you need to know:

• Create a list:First and foremost, make a list of all of your digital assets—your beneficiaries need to know what you own and how to find it. Create this list and store it alongside your will, or send copies to your trusted family members.
• List usernames and passwords:Your heirs need to be able to access your digital assets. Be sure to list all usernames and passwords with you will—and answers to basic access questions, in case the passwords change before you pass on.
• Make backups:Whenever possible, make backups of your digital content. Items like photos can be easily duplicated, whereas other digital assets may be harder to copy. Find out whether you can make copies and add them to a designated folder. There are “digital safe deposit boxes” that can keep your data secure.
• Give consent:Finally, make sure to provide consent for your heirs to access your assets. When you are working with your estate planning attorney, you may want to include language giving lawful consent for providers to divulge the contents of your electronic communications to the appropriate people.

When you plan appropriately, your digital assets can pass to your heirs without a hitch. Working with a great estate planning attorney is key, however.

Don’t forget to call the talented estate planning attorneys at Baumann Kangas Estate Law in Tampa, FL. We can help you plan for the future, including your digital assets.