It is no secret that we live in a world where many aspects of our lives have become ever-increasingly digital. Whether it is social media accounts, online banking or investing, email, cloud storage, or even travel rewards and points, so much of what we do takes place online.
Online profiles and account information, stored photos, or any other electronic record in which we have a right or interest, are all digital assets. Digital assets need the same protection as physical assets, and a proper estate plan should include clear directions regarding how to administer, locate, access, and transfer these digital assets in the event of incapacity or death.
Without a proper estate plan that delegates authority over digital assets, one’s fiduciary may be bound by terms-of-service agreements, agreed to at the time an online account was established. These terms-of-service agreements often contain provisions about what happens to an online account when the owner dies.
Contact the estate planning attorneys at The Crosthwait Law Firm to help you address your digital assets in your estate plan. Provisions dealing with your digital assets should be included in your Will, any trust agreement(s), and even your Power of Attorney.