Online banking, online shopping, and social media are just a few ways you might benefit from the internet. However, all of your information on the internet could be called a “digital asset,” which is why you should have a plan for how these assets are handled after your death. Just like your bank accounts and life insurance, your digital assets may need beneficiaries and estate planning.
What Is Considered a Digital Asset?
A digital asset is anything with an electronic record that contains unique identifying information. A digital asset could be a tangible electronic, such as a computer, tablet, or smartphone, or it could be an intangible account.
According to the Florida Bar, all of the following are considered digital assets:
- Social Media Accounts
- Websites / Domain Names
- Photos, Videos, and YouTube Content
- Virtual Currencies / Bitcoin
- Contact Lists, Address Books, and Calendar
- Online Accounts for Shopping, Gaming, and Streaming
- Digital Intellectual Property
- Home Security System Applications
- Documents Stored in the Cloud
- Electronic Medical Records
- Electronic Media and Music Accounts
Should I Make a List of My Digital Assets?
Digital assets may have a monetary value. For example, if you regularly use PayPal, there may be money left in your PayPal account when you pass away. If no one has information on your PayPal account, including the username, password, and account number, that money may never get to your heirs. You should prepare a list of all your digital assets to help your beneficiaries. You should also keep your beneficiaries informed of any password changes and alert them to account closures.
Proudly Helping Clients Protect Digital Assets
Our office has included digital asset language in all estate planning documents. In addition, we have a digital asset checklist that we give to our clients to maintain a record of their usernames and passwords. We will review your list of assets for probate avoidance and advise you on any re-titling that may need to occur.
Do you want to discuss estate planning or probate avoidance strategies? Do you have a loved one who died with digital assets and you cannot access them? Please call our law office at (863) 657-0770 today to schedule a free estate planning or probate consultation.