Planning for the future can be a daunting process as it requires one to consider what will happen after his or her own passing. In addition to the complexity of looking at one’s mortality, it can also be difficult to account for all personal assets and determine what should happen with them in the future. For current estate plans, this also means deciding how to protect digital assets and decide what should happen with them in the future.
There are different types of intangible assets one may possess. In fact, most New Jersey adults do have digital assets in the form of social media accounts, and it is becoming more and more common to have other types of digital property as well. From your Facebook page to any bitcoin you possess, accounting for this type of property in your estate plan is critical.
Beneficiaries for your digital assets
Digital assets should be an important aspect of any complete estate plan. With the increase in digital asset ownership comes the need for more preparation to properly address this type of property. When creating a complete estate plan, there should be careful consideration of all intangible and potentially important assets, including digital content. This includes:
- Bitcoin and other types of cryptocurrencies
- Social media accounts and email accounts
- Blogs or monetized content accounts, such as TikTok channels
It is still important to include transfer of ownership for digital assets that do not necessarily have any monetary value. For example, you can include details in your estate plan regarding your wishes for your Facebook profile or how you want to transfer ownership of your digital photos. Through careful planning, you can protect your privacy, ensure the right people have access to accounts and shield your loved ones from complications regarding your intangible property.
Accounting for your entire estate
There is no cookie-cutter solution for estate planning. You may assume that you don’t have any important digital assets worth considering in your plan, but this is likely not the case. A careful assessment of your estate, your property and your objectives for your loved ones can help you identify the specific estate planning steps that may be beneficial for your individual situation. With the right plans in place and all of your property secure, you can feel confident regarding the future and your long-term interests.