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Estate Plan - Graphic showing digital assets that should be part of every estate plan

Here's a much-needed checklist for your digital assets

by Steven Gnewkowski Esq | Contributor
November 12, 2019

The majority of baby boomers now own a smartphone and regularly use social media to keep in touch with family and friends. With this increase in the use of technology comes an increased responsibility to make a plan for the disposition of your online photos, texts, tweets, videos, emails and the other elements of your online existence.

Estate planning experts recommend creating an inventory of all your digital assets with the relevant user names, passwords and security questions as part of the instructions you provide to the trusted person who will settle your estate.

The task can be daunting, but a first step is to write down all the devices you own and the passwords needed to unlock each device, and then make a list of the electronic records you use, own or control. While this list is not comprehensive, it should serve as a good starting point to assist you in compiling an inventory of all your digital assets:

Chart showing various digital assets

Once you complete your list, specific instructions on how you wish your digital assets and online accounts to be handled can be passed on to the person in charge of your estate, who can then manage and maintain, or close and dispose of your email and social media accounts, based on your preferences. These instructions can be detailed in a simple letter, or incorporated into your will, trust or power of attorney.

Digital Assets - Close up of a cell phone, tablet, and laptop computer

The professionals at Legacy Assurance Plan can provide members with valuable assistance in preparing an estate plan that provides for the management of your digital accounts in the event of incapacity or death, and directs the disposition of your remaining assets in a manner that avoids probate and is consistent with your personal wishes. Technology evolves quickly, and you also need to act quickly if you want to protect and preserve your personal legacy.

How do I create an estate plan?

There are numerous options and scenarios to consider when developing an estate plan that protects your legacy and achieves your objectives, and important decisions should be made with the advice of qualified lawyers and financial experts. Membership with Legacy Assurance Plan provides members with valuable resources and guidance to develop comprehensive estate plans that take life's contingencies into consideration and leave a positive impact for generations to come. Legacy Assurance Plan members also receive peace of mind that a team of trusted, experienced professionals will assist them in developing legal, financial and tax strategies that will meet their needs today and for years to come through periodic reviews.

This article is published by Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about this and other estate planning matters visit our website at legacyassuranceplan.com.

Phone - 844.445.3422
Email - info@legacyassuranceplan.com

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