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Virginia Beach Estate Planning Lawyer / Blog / Asset Protection / Are You Ignoring These Digital Assets?

Are You Ignoring These Digital Assets?

ThinkstockPhotos-636230500 (1)There are plenty of different studies and toolkits that recommend incorporating digital estate planning but it is only as good as the value of your comprehensive planning. Overlooking common digital accounts could lead to major mistakes if you were to suddenly pass away.

Research found that many participants have digital media assets in the form of emails, banking records and social media accounts but they can also include medical records, iTunes account, bitcoins, and online businesses.

Online service providers each have their own unique approach to how they deal with somebody’s account when that person passes away. In many cases if they are informed that someone has passed away, they will all automatically close the account. In other cases, family members must provide documentation indicating that they have the right to terminate such an account.

You may not wish to close these accounts immediately because they have information that your family members may wish to save, such as a social media account that includes all of your digital photos. Having clearly articulated plans and verifying that they are incompliance with the rules of that particular service provider is strongly recommended.

Having a consultation with an estate planning attorney can further illuminate you about the critical issues involved in digital estate planning and the steps that you should take to ensure that you have considered all of your accounts and have clearly articulated instructions and compliance rules associated with passing these on. While you may want these accounts closed immediately after you pass away, having a plan can make things easier for your family when they are already struggling with the loss of a loved one.

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