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Don’t forget your digital assets in your estate plan

On Behalf of | Jun 4, 2023 | Estate planning |

When planning for the future in your estate plan, you understand the importance of accounting for your physical property. You have the right to have the final say over what happens to your assets, including your belongings, real estate and more. However, it is important that you not overlook your digital assets. Like many, you may have an extensive digital life, and it is critical to account for these things in the event of your death. Failure to include them in your comprehensive estate plan could result in complications. 

Your digital assets may have both financial and sentimental value to you. Like other types of property, you have the right to decide what happens to them after you pass, who has access to them and more. As you create a strategy that will allow you to look to the future with confidence, you may benefit from considering what you need for a complete estate plan that provides the protection you need. 

You could leave an electronic mess 

If you fail to address your digital assets in your estate plan, your loved ones could pay the price. This could lead to complications when it is time to settle your estate, especially if there are digital accounts, social media profiles and other online accounts to address. One of the most important steps you can take is to allow the executor of your estate to have access to your digital assets. This means including specific permission to do this, as well as leaving instructions for how to log into profiles and accounts. 

One of the first steps in this process is to make a list of all your digital assets. This should be a comprehensive inventory of all your electronic assets, including social media profiles, online checking accounts, photo storage accounts and more. While you want to keep your information private, it is prudent to have instructions left in a secure place regarding how to access these accounts. If you do not do this, it could take months or even longer for your loved ones to effectively handle these aspects of your New Jersey estate. 

Creating a complete estate plan 

It can be overwhelming to think about all the steps you need to take to create a complete and comprehensive estate plan. An assessment of your needs can help you understand what estate planning tools you should leverage to provide the full amount of protection and security you need. When creating your strategy, do not overlook your digital assets and online life as well.