Estate Planning for Digital Accounts

These days, your estate may include more than just physical assets. Besides money, you may have digital assets that you want to pass down to your heirs. There are some special considerations that apply to digital assets.

Families may not think of digital assets as part of an estate. They have made plans to pass down money and even physical assets, but they may not have considered:

  • Electronically stored photos and videos
  • Social media accounts
  • Email accounts
  • Domain names
  • Cryptocurrency
  • Non-fungible tokens

You need a special plan for these assets, so your family can have access to them when you are no longer here. Otherwise, they can be locked out of these accounts permanently. Your family members should learn your passwords (you do not have to give this information to them when you are alive), and you should authorize them to access the accounts. Otherwise, there could be penalties for unauthorized access. Similarly, your family may need to contend with data privacy laws that could make it tougher to take ownership of an account.

There should be a special section of your will that is devoted to digital assets. Your family should know the full extent of the digital assets that you own and have the legal right to take ownership of them. However, you may not want your heirs to take ownership of all of your digital assets. You should discuss your situation with an estate planning lawyer, including the best way to address these assets in your will.

Contact a Lincolnshire Estate Planning Attorney

Your estate plan can be far more complex than you think, and the attorneys at Charles Newland & Associates can help. Contact us online or call us today at 847.797.9300 to begin work on this critical process for your family.