One of the sometimes forgotten parts of estate planning is including digital assets in your will. In today’s society, more and more aspects of our lives are digital. To properly sift through your digital assets and leave them in your will, it’s best to consult an estate attorney. Today in the Davidson Law Group blog, we’ll discuss leaving digital assets in your will in greater detail.
What to Do with Digital Assets with Monetary Value
For the most part, if you have digital assets with monetary value, they’ll be treated pretty much the same as all of your other assets. You just need to name a beneficiary and the assets will be transferred to them upon your death. This includes assets such as PayPal accounts, cryptocurrencies, frequent flyer miles, and more. Consult with your estate attorney to make sure these are properly integrated into your will and that they get transferred to the right people.
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What to Do with Other Digital Assets
Here’s where things get a bit more complicated. What happens to your other digital assets that aren’t really worth money? What about your email, social media accounts, or streaming accounts? If you wish to leave these to someone, you don’t necessarily need to leave them in your will. You can just give the usernames and passwords to someone who you want to have them.
Otherwise, if you really wish to leave these in your will, you can leave instructions to your executor as to how they can find your usernames and passwords. Consult with your estate attorney during this phase of estate planning to decide on the best way to this.
Typically, people will leave their executor a separate letter with all the pertinent information they need. The reason you don’t want to leave your username and passwords in the will directly is because it becomes public domain after your death. Keeping them in a separate document that is passed to your executor is the safest way to ensure they get where they need to go.
Related Post: Deciding How to Distribute Assets
Contact an Estate Attorney at Davidson Law Group
If you’re in need of an estate attorney, choose Davidson Law Group. Our friendly and knowledgeable estate attorney team can walk you through the estate planning process. Making a will is extremely important, and it’s best not to procrastinate in making it. For more information, contact Davidson Law Group in Fort Worth, Allen, or Tyler today.