How do I Take Care of my Digital Assets?
What Are Digital Assets?
Digital assets include valuable items such as “Bitcoin,” but more commonly your digital assets are other more sentimental items such as your digital photography, audio or visual content, presentations, spreadsheets, word documents and e-mails, just to name a few. The value of such an asset depends on the type of asset and as noted above could be monetary or sentimental.
It is unlikely you will include a reference to your digital assets in your estate plan, although a thorough Power of Attorney is likely to mention them. More than likely you will have to put some personal time, thought and effort into making sure your digital assets are properly taken care. One of the most difficult things about handling your digital assets is getting the assets to the person you want to have access to the assets after you have passed.
The most common problem being that if all of the passwords required to access said assets pass with you, then without planning, the asset is likely to die with you. Below is a suggestion on what you can do to properly pass your digital assets along. In the unlikely event your Will or Trust includes a separate reference for digital assets; you will likely be simply identifying the person you want to have access and control over those things. It is important to identify such a person, but more importantly is actually providing the access for such an agent.
How Do I Plan For My Digital Assets?
There are a number of online applications such as LastPass, Dashlane, and 1Password that help with password management, but also provide a person with one application that guards all the passwords for their digital assets. In this way, a person can more easily manage the ability to access a digital asset and then pass on the ability to access that asset.
For instance, if someone employed one of these password management applications, the person could then identify the person they want to handle their digital assets and leave instructions on how to access the main password used for the password management application chosen, in a safe manner. It is not considered safe to simply share your password with people, even a trusted agent.
If You Are Interested In Learning More About Including Your Digital Assets Into Your Estate Plan
If you are interested in learning more about how your digital assets can be referenced in your estate plan then connect with our estate planning team. You can be set up for a complimentary consultation so that we can get to know you and your particular situation so that we can then make recommendations on how to meet your estate planning goals.
We serve the Greater Nashua area and are here to help. To meet with one of our experienced attorneys, please click here to contact us or call us today at 943-5647.