Should You Include Your Digital Assets In A Living Trust and Will
When it comes to today’s estate planning, more and more folks
are including their digital assets in their Wills and Living Trusts
along with their tangible assets. What are digital assets?
It’s all “real estate” you have online – blogs, websites, social medial
presence, etc. If your online presence is important to you, it might be
a good idea to discuss what benefits they are to include digital assets
in your living trust or will.
Why Do People Include
Digital Assets In Their Wills and Living Trusts
Online assets are similar to the tangible property you own; it matters
a great deal to you. It’s not only a piece of property but a form of
recognition of who you are and what you have accomplished.
Anything that you own – that’s worth something in whatever form –
should get some type of pre-planning assistance.
For example:
What happens to your blog or website after you pass away? Who will take
care of your social media presence or let your Internet friends know
that you have passed away?
3 Key Things To Consider
In Digital Asset Planning
Some folks have a simple online presence; other folks have a tremendous
online presence. And, whatever the case may be, planning for
what happens to your stuff after you die is a must. Thanks to
estate planning, your wishes can be carried out. Still, there are some
things you need to remember regarding digital asset planning:
1 – Gather all your Internet real estate such as passwords,
identification information, website administration panel codes, etc.
2 – Elect one person to handle the decisions you have made.
3 – Have decisions made regarding your social media presence.
What do you want to happen to your Facebook page? Do you want the
Internet to know all about your death or do you want to keep things
toned down?
Other Important
Information Regarding Your Digital Assets
If you have an Internet business, be sure to keep records of everything
that pertains to it. Would you like someone to take over the business
or do you want the business to close upon your death? Decide how the
income of the business will be divided between your beneficiaries
and/or who is going to run the business after you have died.
You may be wondering if you should use this kind of estate planning.
People with a lot of online presence or own a large website should take
the necessary steps to layout their needs. Consult an attorney to help
you develop an estate plan. The estate planning lawyer will assist you
in creating a living trust or will so that it includes digital products
and other wishes.
There may be cases where you just want a family member of yours to take
care of the Internet sites. If so, be sure you let people be aware of
the decision so there is no shock in the future.
As people’s personal lives become even more entangled with technology,
it’s very important to have digital assets included in living trusts
and wills.