Planning for Digital Assets

Smart phone and laptopA growing trend in estate planning is to determine what to do with someone’s digital assets.  In the past this was never a problem as no one actually had digital assets.  Today we have all kinds of digital assets including Facebook accounts, Twitter accounts, blogs, websites and domain names, online games, iTunes and Kindle accounts.  Not to mention the ubiquitous email.

Some of these accounts may not carry tremendous monetary value, however, a Flickr or other cloud based account with all kinds of photos may have great sentimental value.  Like any other type of asset, these must be inventoried and distributed to heirs.  How they are divided may be a problem if you do not spell out what you want done with them.  For instance, does one person get the family pictures or do you divide them equally, or perhaps make copies for everyone, if that is permissible. 

Another problem with digital assets is the account may not be easily accessible.  Most of these assets are governed by the relevant terms and conditions governing the account.  In some instances attempting to access an account can be a crime.  Determining how these assets must be handled will enable you to create a plan that will allow access to and use of these assets by your family.  Don’t run the risk of losing valuable digital property, plan to protect these assets just as you would your home and retirement accounts.       

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