In a digital age, how do you ensure that your estate plan covers all of your bases? Keeping track of digital assets is an essential part of your estate plan. When you are no longer around to manage your digital assets, your loved one(s) may need to salvage pertinent digital information. If your digital assets are not included in your estate plan, loved ones could struggle with managing estate distribution and properly preserving your memory.
Social Media and Online Accounts
Typically, one should keep their login information and account passwords private. However, as it relates to estate planning, it is advised that you create a list of all digital accounts and accompanying login information. Be sure to store this list in a protected location that can still be accessed by a trusted party if you are deceased or incapacitated. This list can include, but is not limited to: social media accounts, blogs, personal websites, email accounts, and online file storage systems.
Keeping financial account information handy could save your executor (the individual in charge of managing your estate) a great deal of time and keep them from overlooking assets. Bank account login information and financial service accounts (i.e. PayPal) are just some examples of financial accounts an executor will need to access. Similarly, any subscription services linked to financial accounts must be handled and canceled accordingly.
For small business owners, planning ahead is integral to the health of their company. Those who have adopted modern platforms, such as social media pages and business websites, must decide how they will be managed upon the death of the business owner. This means creating a list of websites, accounts, and social media login information pertinent to the business, as well as instructions listing any preferences for managing these platforms.
For those who wish to keep the business running when they are no longer living, a business succession plan is key. It is recommended that you consult with a business and estate planning professional to ensure that your business succession plan and business-related estate planning wishes are put into place without error.
Secure a comprehensive estate plan suitable for a digital age. For assistance in updating or creating estate planning documents in Maryland, we invite you to contact the Law Offices of Elsa W. Smith, LLC at 410-995-7719 to schedule your consultation today.