Do Estate Plans Protect Digital Assets?
Today’s modern families have more assets than ever before. On top of property, businesses, insurance policies, retirement accounts and more, people now have scores of digital assets. Parents and children may each have dozens of personal digital assets such as online banking accounts; social media profiles; digital purchases like movies, games, or music; or subscription services. Without proper protection for the nontangible assets, the unexpected death of a family member can be very costly.
Modern problems require modern solutions. For more than 18 years, attorney Elizabeth Ingold of Ingold Law PLLC has exclusively practiced estate planning and elder law. She and our entire team provides residents in western New York with the most up-to-date techniques that help preserve the entirety of a family’s estate, digital assets included.
The Digital Asset Estate Planning Checklist
Estate plans primarily protect a person’s assets after they’re gone. For digital assets, this can mean the difference between a spouse gaining access to a deceased husband’s social media account and the parent company deleting it and all the associated content. To avoid these heartbreaking situations, the following guidelines can help account for all digital assets:
- Compile a list of all digital assets and store it in a safe place. This list should include information pertaining to hardware, software, online communities, social media, banking and business accounts.
- Update your power of attorney to assign a digital fiduciary who will manage your estate’s digital assets at the time of death. We recommend choosing someone technologically adept.
- Allow the fiduciary to access accounts and the list of digital assets, but we recommend placing it in a trust for safekeeping.
- Create an action plan that outlines what to do with online accounts and assets. This often includes instructions for deleting accounts or photos and informing others of one’s death.
At Ingold Law PLLC, our lawyers can guide you through this process step-by-step to help you achieve peace of mind. Directed by founding attorney Elizabeth Ingold’s down-to-earth approach, we have effectively assisted thousands of families in the Buffalo area and statewide.
Get Started Building A Plan Today
Without legal protections, a person’s entire digital presence could be completely deleted. This digital information could be vital for the preservation of the family’s safety and security. Call 716-972-3698 now to speak with a representative and get a consultation on the schedule today.