Digital Assets Are Tangible Assets for Estate Planning
When you first meet with an estate planning attorney, you are asked to create a list of your
assets. One of the biggest categories that people tend to leave off their lists is their digital
assets In fact, recent surveys have shown that over half of individuals over the age of 45 neglect
to include their digital assets in their estate plans.
Since the world is increasingly becoming paperless, there is no more important asset than
digital assets. In fact, states are finally starting to catch on to the trends in digital assets and
estate planning. More states are passing laws that address digital forms of assets, but there is
nothing uniform across the board. When you give others access to your digital assets as part of
a power of attorney, not all states will accept the document.
However, it’s still important to address cyberspace assets during estate planning—these assets
include log-in credentials and other information for bank accounts, investment plans, bill-pay
services, email, loyalty programs and even credit cards, and they need to be accounted for just
as much as your tangible assets in your estate plan. Additionally, you should consider
distributing your digital assets through a trust rather than a Will.
Experienced estate planning attorneys Redlands CA of the Elder and Disability Law Firm offers
estate planning and business planning resources to residents of Redlands CA. To learn more
about these free resources, please visit www.san-bernardino-elder-law.com/ today.