In our increasingly connected world, an estate plan that only addresses physical property and paper bank statements is incomplete. Protecting your digital footprint is now a critical component of a comprehensive legacy. Rely on Luhrsen Goldberg to help you navigate these modern complexities to ensure your digital lives are managed according to your wishes.
What Counts as a Digital Asset Today
Digital assets encompass anything you own or control that exists in a digital format. This includes:
– Financial Assets: Cryptocurrency, NFTs, and online-only banking or investment accounts.
– Communication: Email accounts and social media profiles.
– Memories: Cloud storage containing digital photos, videos, and creative works.
– Intellectual Property: Domain names, blogs, or monetized YouTube channels.
Because these assets lack a physical presence, they are frequently overlooked in traditional estate plans, often leaving heirs with no way to access or even locate them.
Is the Inclusion of Digital Assets Required in Your Estate Plan?
While not strictly “required” by law, excluding them creates significant risks. Without a clear plan, accounts may become frozen or permanently inaccessible due to strict privacy laws and platform terms of service. This can lead to the loss of sentimental photos or, in the case of cryptocurrency, the total loss of financial value. Including digital property in your estate plan ensures your privacy is respected and that your fiduciaries have the legal authority to manage these accounts.
Step-by-Step: How to Protect and Transfer Digital Assets
– Inventory Your Assets: List every digital account and property you own.
– Appoint a Digital Fiduciary: Choose a person specifically tasked with managing your digital estate.
– Secure Your Credentials: Use a secure password manager or a digital vault. Never list passwords directly in your Will, as it becomes a public document.
– Check Platform Tools: Utilize features like Google’s “Inactive Account Manager” or Facebook’s “Legacy Contact.”
Get Help Creating a Modern Estate Plan With Luhrsen Goldberg
The team at Luhrsen Goldberg is dedicated to providing thorough, personable legal support. We understand the importance of securing both your physical and digital legacy with precision and compassion. Request a consultation with us today to create a modern estate plan that works for you.
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