Nowadays, most people have digital assets in some form or another, from social media followings to Bitcoin balances. Because such assets are intangible, it’s easy to overlook them when estate planning. But since they’ll ultimately be part of your legacy, it’s essential to address them when making arrangements. If you’re unsure where to start, the tips below will help.
3 Estate Planning Tips for Handling Digital Assets
1. Make a List of All Online Accounts
Estate planning starts with taking inventory of all your assets. Your digital legacy might include web domains, social media profiles, banking accounts, blogs, email accounts, retail apps, online payment platforms, and frequent flier accounts. When making this list, write down the username, password, and security questions for each account. This document will serve as the foundation of your digital legacy.
2. Choose a Digital Executor
Your digital executor will be responsible for carrying out your wishes regarding all online accounts. This individual may or may not be the personal representative of your estate.
If you don’t think anyone close to you can handle all of your accounts, you may name an attorney as the executor. This is often the easiest route to take, as it relieves loved ones of additional administrative tasks.
3. Pick a Course of Action for Each Asset
Once you’ve created a comprehensive list of your digital assets, go through the items and decide how each should be handled upon your passing. You’ll likely want to close some accounts, preserve others in your memory, and bequeath the rest to various beneficiaries. If you’re unsure how to manage a particular asset, a lawyer can explain the most common courses of action given the circumstances.
When you’re ready to start estate planning, turn to the Law Office of George N. Nam for strategic guidance. Located in Aiea, HI, and serving clients across Honolulu and the surrounding area, this firm is backed by more than 28 years of experience in the legal field. Specializing in estate planning for individuals and businesses, attorney George Nam assists with wills, trusts, probate proceedings, and guardianship. To request a consultation, reach out on their website or call (808) 487-9455.