We’re Here To Help Your Family

Understanding digital asset management for estate plans

On Behalf of | Feb 20, 2023 | ESTATE PLANNING - Estate Planning

Most people understand the most common parts of estate planning, including wills, trusts, guardianship and power of attorney. What you might not think about is the importance of digital asset management as part of your estate plan. Digital assets are more common than ever with the increase in technology’s role in society.

There are a few key elements to consider when you address digital asset protection in your estate plan.

Dealing with personal digital assets

Your personal digital property includes anything stored in digital clouds, on local hard drives and in online accounts. It also includes any personal domain names and individual digital assets you hold. If you have copyrights, trademarks or patents, those need clear dispensation in your estate plan as well.

Exploring commercial digital assets

Small business owners have commercial digital assets owned by the business. Any estate planning for the business should include details for handling those digital assets as well. You must address each asset, including server data, cloud backups and intellectual property.

Preserving financial and personal online accounts

Any digital financial accounts, including cryptocurrency and online trading funds, need clear succession information. Without beneficiaries and controlling interests, those accounts become part of the estate in probate.

Most people think of standard estate elements such as insurance policies, property and bank accounts during estate planning. Building a comprehensive estate plan that protects as much of your estate as possible means including your digital assets and cyber presence as well. Keep records of the accounts, passwords and beneficiaries as part of your estate plan.