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ESTATE PLANNING 3: Does your Estate Planning include Digital Assets?

More and more people are conducting personal business and their social life through online applications.  Email, banking, bill payment, investments, credit cards, social media and photo sharing are all types of digital assets.

Digital Assets and Estate Planning

Your personal representative will need to identify and have the authority to access, manage, copy, distribute, deactivate, and delete these digital assets.  It is important to incorporate digital assets in your estate planning documents.  A personal representative must have the ability to inventory and administer these digital assets.

Wills and Trusts

It is important to talk with your attorney about which documents will include your digital assets and who will be the personal representative handling these assets.  Your will or trust should include the authority to obtain, access, modify, control, and delete the passwords, encryption codes, and any other electronic credentials associated with the digital assets.

Identifying Digital Assets

Talk with your attorney about the best way to inventory your digital assets.  What type of devices and accounts should be inventoried and what it the best way to keep this information confidential?  There are online websites and apps that can store accounts, usernames, and passwords in one place.

Do You Have a Will or Trust? Does it include digital assets?

Aldrich Legal Services is pleased to assist you with your estate planning needs. We draft and review wills, trusts and other estate planning documents to help our clients.  We can review your estate planning documents to see if they include digital assets. We assist clients throughout southeast Michigan.

Contact Aldrich Legal Services

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