Why Is It Important to Plan for Digital Assets?

Planning for digital assets is important for several reasons. Without a plan digital assets may get lost in the Internet and fail to pass your loved ones after your death. Planning now means your family will not have to worry about hunting for these items upon your death while grieving a beloved family member. If, like most adults (roughly 70 percent of them), you want certain aspects of your digital life to remain private, and you don’t create a plan, your loved ones may learn things that you wish to keep secret. Making a plan now can minimize the risk of identity theft, which happens to 2.4 million deceased Americans each year. 

Find out everything you need to know about protecting your digital assets after you pass here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.

What Are Digital Assets?

Instead of existing in photo albums and on videotapes and DVDs, most of our family photos and videos digital. Even if they lack commercial value, they certainly have sentimental value that you want to preserve for your family and friends. Social media accounts containing your photos and videos can also have value to your loved ones when you’re gone. For example, a Facebook account can serve as a memorial after you pass away. When you consider all of the other accounts that you log into (more than 130 on average), the list becomes quite lengthy. 

Digital assets that you may own include:

• Social media accounts (e.g., Facebook, Twitter, LinkedIn)
• Financial accounts at brick-and-mortar and online institutions
• Business documents and other files stored in the cloud
• Cryptocurrency
• NFTs
• Databases
• Device backups
• Internet domain names and uniform resource locators (URLs)
• Streaming service accounts (e.g., Netflix, Peacock, Hulu)
• Merchant accounts (e.g., Amazon, Etsy, eBay)
• Gaming tokens
• Virtual avatars
• Points-based loyalty programs (e.g., for groceries, gas stations, airlines, and hotels)
• Rights to intellectual property, artwork, and literature
• Online betting accounts
• Monetized video content

Find out everything you need to know about protecting your digital assets after you pass here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact an estate planning attorney in Ann Arbor at 734-665-4441.