What are digital assets and how are they addressed in an estate plan?

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Many attorneys now include provisions for digital assets in every estate plan created. 

What are Digital Assets?

“Electronic records cover a lot of assets – from your online accounts (social media, bank accounts, blogs, retail accounts) to information stored online or in a cloud such as your iTunes library, photos and digital books. Digital assets also includes your electronic devices, such as a smartphone, laptop, and tablet,” according to Abby VanDerHeyden.

“The phrase “digital asset” is being used, but we have yet to come to a legally-accepted definition. A simple definition is that a digital asset is content owned by an individual that is stored in digital form. But this may not be broad enough to encompass all the digital elements of an estate that have value. An expanded definition includes online accounts. So a more inclusive definition is that a digital asset is digitally stored content or an online account owned by an individual,” argues John Romano

Seek out an experienced estate planning attorney to update your will to include provisions to address the disposition of your various digital assets. Want more information on this topic? Email me for our resource guide on HOW TO MAKE A PLAN FOR YOUR DIGITAL ASSETS.

 

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