Accounting for personal assets is the primary goal of estate planning. It increases the ease of closing the estate and ensures the beneficiaries receive their fair share. With the rise of technology, it’s possible that you have an assortment of digital assets. Including them is an essential part of the process and the following should prevent any from getting left behind. 

What Are Digital Assets? 

Digital assets refer to anything you own that’s either online or stored on a computer. Cryptocurrencies, for example, are one of the most popular forms, serving as an online account where you can invest, spend, and earn with the available amounts. 

If you have digital photos or videos on a computer file, then these would count toward the non-monetary assets. While they’re not worth much, they might hold sentimental value to different members of the family. 

How Can They Present an Obstacle to Family Members? 

The issue lies with who is given access to each of the accounts or files. Data privacy laws prevent many service providers from handing over information without written consent from the owner. It could also be something as simple as not knowing the password. While a slight hiccup in the process, there are professionals who could supply the necessary assistance. 

What Can I Do to Increase the Ease of the Process? 

Create a list of all your digital assets. Be sure to include online bank accounts as well as social media platforms and website domains. Provide detailed instructions on how to handle each item, such as withdrawing the entire amount or investing for a younger member of the family. 

Name a trusted friend or relative to serve as the authorized user. Once the list is complete, meet with them in person to go over each of the accounts and ensure that they’re up for the task. Revisit the document regularly to ensure that everything remains up-to-date. 

If you’re at the start of the estate planning process, reach out to the Law Office of Debra A. Brown. Located in Torrington, CT, she has more than 35 years of experience and understands the intricacies of the probate process. Her custom approach to each case will ensure that the proper paperwork is on file. Call (860) 496-7717 to schedule a consultation or visit her website for additional information on this local attorney.