Many New Yorkers are very aware that they need to put their estates together if they want their loved ones to have access to inheritances and financial holdings after they pass. They understand the importance of having these items written down and filed with an attorney, an executor, or a court in order to make sure that their assets are dispensed properly.
What many people may not realize is they also have to do estate planning for their digital assets as well. Not doing so can wreak havoc in the lives of their loved ones once they’re gone.
Why is it important to create an estate plan for your digital assets?
Many of us have a digital footprint that spans all types of assets, including bank accounts, investment funds, online businesses, and other online services. Very often, our entire lives are connected to some sort of digital portal. This could be anything from banking information to investment funds to creative content.
Many states have laws on the books that help ensure that survivors have some access to some of a decedent’s digital assets once they’re gone, but many online services like Gmail or Facebook have extremely strict privacy policies that make it next to impossible for survivors to get access to some of these assets. Estate planning for these digital assets may help your loved ones avoid such issues.
What can people do to help ensure that their loved ones have access to the digital assets?
People preparing their estates may benefit by working with attorneys who have experience dealing with all of the different types of assets that will need to be included when putting together an estate plan. These attorneys may be able to guide their clients through all the steps that they need to take to make sure that their executors or survivors have full access to their assets once they’re gone.