Planning Your Digital Legacy-Part 1

Planning for Your Digital Legacy

In honor of Estate Planning Awareness Week, we will be posting two blogs about digital asset planning.

An estate plan often focuses on tangible property such as jewelry, artwork, money/bank accounts and real estate. However, in this age of technology, it is important to remember to include your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartphones than we ever did before, you may not realize how much digital stuff you own, from photos and videos to online accounts, cryptocurrency, and nonfungible tokens (NFTs).

Why Is It Important to Plan for Digital Assets?

Planning for digital assets is important for several reasons. First, without a plan, digital assets may get lost in the Internet ether and not pass to your loved ones after your death due to the simple fact that their existence is unknown. Second, planning now means your family will not have to worry about hunting for these items upon your death while also grieving a beloved family member. Third, like most adults (roughly 70 percent of them), you want certain aspects of your digital life to remain private. If you do not create a plan, your loved ones may learn things that you wish to keep private. Finally, planning now can minimize the risk of identity theft, which happens to 2.4 million deceased Americans each year. Keep reading to learn more about why it is important to include digital assets in your estate plan and how to account for them. In my next newsletter we will discuss more about digital assets and what they are as well as how to include them in your estate and legacy planning.

In the meantime, if you’d like to speak more one on one, we can set up a free legal consultation. Call the office at 305-792-8177 or email mw@meredithweil.com