Although many people are shutting down their social media accounts in the wake of the recent Facebook scandal, the majority of people have continued their online presence. However, the way we use digital accounts is not only related to social media.
Most of us also have online banking accounts, online digital storage accounts and some of us even have cryptocurrency coins worth thousands of dollars in cryptographic and online blockchain wallets.
Your estate plan needs to include digital assets too
When modern Tennessee estate planners are creating a plan for the future, they need to consider their digital assets too. They need to make a list of digital accounts and their passwords. They need to show someone how to access their accounts in the event that they die unexpectedly, and they need to decide who will receive any digital currencies they own. They will also need to provide their private key codes so that heirs can access these assets after they're gone.
Estate planning tools are available for digital assets
Some estate planners simply create a handwritten ledger that includes all of the online accounts and instructions for accessing them. Others use special online services that secure this information, which can then be released upon their deaths. Ultimately, the types of plan you create for your digital assets might not be as important as it is that you create a workable plan in the first place.
Are you ready to plan your digital estate?
The more you understand about digital estate planning and Tennessee estate planning law, the better you'll be able to prepare for the day you're no longer here. Make sure your digital assets are secure and that the right people will receive access to them after you're gone.
Source: Forbes, "What Is Digital Inheritance And The Future Of Your Assets After Death?," Andrew Rossow, accessed April 06, 2018