With the advent of the internet, smart phones and tablets, and the move to digitize just about everything, it is important to remember your digital assets when designing and implementing your estate plan. Digital assets include your email accounts, social media accounts, online banking and brokerage accounts, and digital movies, music and images stored online.
This article from Kiplinger, “Leaving your Digital Legacy,” summarizes some of the key issues in planning for digital assets. The author explains that you should appoint an individual as your “digital personal representative.” Be sure to leave a list of all online accounts, including your usernames and passwords, with that individual. In addition, it is important to leave a written plan for who should have access to your digital assets, and whether you would like your digital assets, such as social media accounts, to remain active if you become incapacitated or pass away.
If you have any questions about estate planning with digital assets, please do not hesitate to contact us at 205.536.8888 or through our website at www.dfhlaw.com.
Vince Schilleci is a Shareholder at Dominick Feld Hyde and focuses on business planning, succession planning, real estate, taxation, estate planning, and probate administration