It’s well known that estate planning is a good idea. However even though many people, if not most, know they should plan for their loved ones and their future, many people still neglect to do that very thing. Creating an estate plan is very important for everyone in the Lee County area, but it can involve many different aspects. Sometimes people overlook some of those aspects, including their digital life.
When it comes to estate planning there are many assets that are obvious. However, there are a few others that a lot of people tend to overlook. With more and more people creating and storing personal information online these days, the Internet has become one of the top places to store financial information. According to recent statistics, more than half of the adults in America do their banking online and nearly a third use mobile phones for banking.
It’s important to protect this information, which is why people should include their digital assets in a trust or a will. The first thing people should do is take an inventory of their digital assets, including online bank accounts, insurance plans, email accounts and any other important information stored online. A person’s will should also include information on where to find all of the passwords and other login information to all of these online assets, but should not include the actual passwords.
Preparing a plan for your assets and for your loved ones’ well-being after you die is not always an easy task. If you need help with your estate plan, including guidance on how to handle the many aspects of your digital identity, then you might want to contact an experienced estate-planning attorney.
Source: Wall St. Cheat Sheet, “Estate Planning 101: Don't Forget About Your Digital Assets,” Eric McWhinnie, May 19, 2014.