Today, in our ongoing series on basic questions about estate planning in Florida, we are going to ask questions about digital estate planning. In recent years, the prominence of digital estate planning issues has grown more and more as technology continues to play a more important role in our lives. Digital estate planning issues that many people had not even thought about in years past have become increasingly important, and these issues are absolutely essential to address when you create an estate plan of your own. To help you understand what digital estate planning is and what he can do about it, let’s take a look at some common questions.
What are digital assets?
A digital asset is anything that exists primarily on the computer, the Internet, or as a digital property. The photographs you take with your cellular phone, the documents you have on your computer, your email account, any social media accounts you might have, and even an online business can all be considered digital assets. You can also consider online bank accounts, passwords, PINs, and other bits and pieces of information necessary to access your digital assets as part of this category.
What is digital estate planning?
Digital estate planning is the process of looking at all your digital assets and making plans on how you want those assets protected in the event you become incapacitated or die.
For example, if you become seriously ill tomorrow, a digital estate plan will not only inventory all of your digital assets, but will allow your chosen representatives to access your assets in your absence. Digital estate plans will also identify your digital assets and determine how you want to transfer those assets to new owners as inheritances after you die.
What does the average digital estate plan look like?
How do you create a digital estate plan? Where do you begin?
As a general principle, digital estate plans are not very different from more traditional plants. Though the tools you use might have to include some additional elements when addressing digital estate planning issues, a comprehensive estate plan will allow you to address all of the digital asset issues you currently have, as well as allow you to update your plan as you acquire more digital assets in the future.
If you already have an estate plan and are worried that you haven’t done enough to protect your digital assets, or you would like to begin protecting your assets through the estate planning process, you need to make an appointment and speak with us as soon as possible.