It’s Easy To Overlook Digital Assets When Creating A Will
We are living in the digital age and we are collecting massive numbers of digital items.
However, many just don’t consider digital assets when creating an asset protection plan.
We buy books, music and movies that are stored forever on the cloud and which are accessible only through accounts on our digital devices. Unlike our home libraries of old, shelves filled with record albums, books and video tapes, today our digital devices hold all of these things. And how about photo collections? Family photos used to be kept in boxes or photo albums. Today, they are stored in the cloud, yet are as valuable to families as they’ve ever been. Because they are not actually physically present, it’s very easy to forget about the value of these collections when creating a will.
As an Estate and Asset Protection law firm, we have had to change our thinking about what constitutes an asset today. We have had to learn to guide our clients to think about what assets they may have that are digital. Items they may not consider to be valuable actually could be worth many thousands of dollars and would be meaningful to their heirs.
Equally important is the digital information that unlocks cryptocurrency accounts and other financial assets. For instance, you may have a PayPal account with money in it. In the event of an untimely demise, that money may be overlooked. It’s integral to make sure all accounts and passwords are identified and available in a safe place.
Creating an asset protection plan or a will today must include all assets tangible and digital.
When you start thinking about the number of items you’ve paid to download, you’ll come to realize the great value digital assets represent. If you have an asset protection plan or a will that doesn’t include your digital assets you definitely need to update your documents.