Don't Forget Your Digital Assets
When preparing an estate plan, people often forget about their digital assets. But with so many managing their lives online, digital assets are an integral part of your estate plan. There is a myriad of digital assets to think about as part of your plan, including:
Computers, external hard drives, smart phones, cameras, flash drives, and other electronic devices.
Online accounts, such as bank accounts, investment accounts, utilities, mileage and reward accounts, and/or social media accounts.
Any important documents you have stored in electronic files, such as tax returns, insurance documents, wills, and trusts.
The first step is to conduct a thorough inventory of all your digital assets. Make a list that includes the type of asset, the location of each asset, website addresses where applicable, usernames, and passwords. You should provide the written list to the person you are entrusting to take care of these assets or keep a copy with your will that clearly identifies the person in charge of managing these assets. Other things to consider for storage of digital assets is an online vault and a password manager. The online vault allows you to store all of your important documents in one secure online account. The password manager stores all of your usernames and passwords for all of your online accounts. The person responsible for your digital assets only needs access to one password that will give him/her the information for all of your other accounts. In your estate plan, you will want to provide clear instructions as to who is responsible for your digital assets and how you want them handled. You will want to select someone you trust, because you may have private details you want kept private. Make sure you indicate if you want accounts closed, documents deleted, and any accounts or documents needing to go to a certain person, especially if there is any associated monetary value.
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This newsletter was prepared by Integrated Concepts Group, Inc. The opinions expressed in this newsletter are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to it accuracy or completeness.