Elder Law Answers
December 6th, 2024
Identifying the digital property you own and managing it is more necessary than ever. From smart home devices to online investments and bank accounts, we’ve gone way beyond using the internet to email family and social media to connect with friends.
In a recent survey, Americans said they value their digital assets at an average of $119,516. Despite this, more than three-quarters of respondents said they have little to no knowledge about digital asset planning.
Today, understanding which digital information and accounts you can legally leave to your loved ones is crucial to protecting your assets, while laws governing these online assets continue to change. However, legally gaining access to digital assets and encoded financial data can present challenges for anyone other than the original owner.
Four main obstacles will hinder access to a family member’s vital personal data and digital assets:
As you create your estate plan, consider it essential to account for your digital property. Our online lives have become pervasive, and laws regarding our digital properties and their inheritable promise continue to evolve. Make a list of your digital assets and include important online accounts (social media, banking, bill pay), passwords, and digital property, including cryptocurrency, money transfer apps, and domain names. Store this list in a secure place and maintain its accuracy.
Elder Law Answers
