On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday November 13th, 2023.
Our lives have merged with the online world in today’s digital age. Digital assets are now part of our everyday lives, from social media profiles to cryptocurrency portfolios. These assets, though intangible, hold significant value and must be considered in estate planning.
Why Digital Assets Matter in Estate Planning
In the past, estate planning has only concentrated on things that are visible, such as real estate, jewelry, and money. Nonetheless, while life has shifted to the virtual sphere, so has our wealth. These valuable assets comprise digital photographs, online bank accounts, and e-books, as well as domain names. The omission of these from an estate can be detrimental to inheritance value.
Cryptocurrencies: The New Frontier
Cryptocurrency, like Bitcoin and Ethereum, has become a notable digital asset. As these digital currencies grow in popularity, many people have accumulated wealth they’re uncertain how to protect. Failure to adequately plan for such assets can make them inaccessible to heirs, and they can also be lost forever.
Securing Digital Legacies
In addition to financial aspects, our digital footprints encompass various elements such as emails, social media posts, and personal blogs. These components collectively contribute to the narrative we project. Ensuring access to these accounts after our demise preserves our digital legacy. This requires sharing access details securely and updating them regularly.
Incorporating Digital Assets into Your Estate Plan
To effectively include digital assets in your estate plan:
1. Inventory Your Assets: List all your digital assets, including accounts, passwords, and digital currency holdings.
2. Determine Their Value: Some assets, like cryptocurrencies, have a clear monetary value. Others, like personal emails, have sentimental value.
3. Provide Access: Use secure methods to share access details with trusted individuals or incorporate them into your will.
4. Update Regularly: As with all aspects of estate planning, review and update your digital asset plan regularly.
Embracing the Digital Age with Wickersham and Bowers
At Wickersham and Bowers, we understand the intricacies of digital assets and are committed to helping you navigate this new frontier. Secure your digital legacy with us today