In the last decade, the importance of digital estate plans has escalated really quickly. Technology is increasingly becoming a part of our lives, and therefore, it is crucial that we adapt and take steps to become more efficient with our work. You might get a question about who strictly gets access to your online accounts. You may also have a question about who is managing them. In order to know about these things, you need first to understand what digital assets are. These are basically electronic records that can be stored on your phones. Whatever you keep as a digital record is going to come under digital assets.
These things will be noted in your digital estate plan. In Boise, you can find professionals who provide services and can take care of estate planning for you. There are differences that you can include in digital assets, such as the photos you save on your iCloud or online banking accounts, accounts made for utilities, etc. However, you should also know that there are many things that still do not come under the comprehensive list that one has. Contact Boise estate planning lawyer today and secure your accounts.
Why must one understand the scope of digital assets?
Having a digital asset plan is going to be very helpful in times when a family member passes away. Whoever passes away, the family members and the close ones are going to have the relief of being secured financially if the digital estate plan is prioritized. Having a written digital plan is beneficial as the family members will have an idea of how the accounts are being managed, and you will also know the passwords to your assets. In this way, the family members will not have to go through the probate court process, which can be pretty extensive. Having a digital estate plan can save you from lots of risks, such as fraud or identity theft. Furthermore, peace of mind is going to be more significant. You will have easy access to the financial documents, too.
How can you create your digital estate plan?
There are different steps that can be followed to create a digital estate plan; let us look at them:
Taking the inventory:
If you want to create a digital estate plan, you will need to take inventory, which is going to include all the digital assets. There is a lot about our life that we store online. Thus, we must go thoroughly through everything on the checklist. Everything from your social media accounts to information related to your banking statements. Once this is done, try writing down all the passwords and usernames somewhere. Make sure you have covered all the accounts.
Giving or allocating access to the accounts:
Once you have made the checklist of all your accounts, it is time to make a distribution, and this needs to be done carefully and without mistakes. There can be information that you want to erase completely, and there will also be information that you want to save and write down. The assets can be directly allocated to your family members or any other person who is close to you.
Executer for the digital assets:
In having a digital estate plan, the next step is to have an executive for the digital assets. The executive will help you to grant any wishes associated with your assets. They are going to have access to all your accounts, and they will be the ones to decide the distribution for you.
Secure your assets legally!
An estate planning lawyer can help you in securing your accounts and save them from any potential risks. Hire them to help you with your estate plan. They will make sure that all your needs are heard and followed while making the estate plan for you. They can protect your assets from any possible exploitation.
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