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Reasons to address digital assets in your estate plan

On Behalf of | Mar 26, 2024 | Estate Planning

If you are like most people, you have more than a few digital assets – even if you don’t realize it. For example, your Facebook account, cryptocurrency wallet and online casino account are all digital assets.

While you may not have considered these as “assets” in the past, they are connected to you and have value in some way. Because of this, you need to plan for them after you pass away. The best way to do this is by including your digital assets in your estate plan.

Are you still not convinced that this is necessary? Consider the following benefits of adding digital assets to your estate plan.

Preserve memories and your personal history

Digital assets such as photos, videos and emails often hold sentimental value. Including these in your estate plan means your loved ones can access the information. Usually, you must include your sign information (username and password) in your estate plan. This means you’re your loved ones can access the information after you are gone.

Avoid legal and financial complications

With clear instructions in your estate plan, accessing digital accounts will be easier for your heirs. In extreme cases, concerns could result in legal battles, fights and disagreements among your heirs. You can avoid this outcome by including information about these assets in your estate plan (in most cases).

Secure financial assets and investments

Many people manage their finances online, including banking accounts, investment portfolios and cryptocurrency wallets. Like your other digital assets, you should include these in your estate plan. Doing so means your heirs can manage and access the accounts with fewer issues than if they were compelled to deal with these assets sans guidance.

Add your digital assets to your estate plan to help your family avoid problems after you pass. It will take you a little time, but the benefits of this effort will be worth it.