How to Include Digital Assets in Your Estate Plan

When you think of estate planning, you may think of what will happen to your physical assets. While they are essential, so are your digital assets. Digital assets refer to anything stored digitally with value, utility, or importance. They are becoming increasingly important as people spend more time online. Financial accounts, cryptocurrency, social media profiles, passwords — these are all things that you need to worry about when you die.

To protect yourself, your estate plan should include digital assets. Here’s a look at some common digital assets and how to include them in an estate plan.

Examples of Digital Assets

Common examples of digital assets include:

Cryptocurrencies. These refer to currencies used for payments and investments. Bitcoin is probably the most popular one, but Ethereum, non-fungible tokens, stable coins, and others also need to be considered.
Media and content assets. Common digital assets include e-books, such as Kindle books, videos, and movies hosted on streaming platforms like Netflix, as well as music files and streaming libraries like Spotify and Apple Music. Images are also important. Don’t forget stock photos, digital art, or photography from personal archives.
Software and data assets. Websites and domain names that you own should be included in your estate plan. So should any apps and software licenses that you own, like Microsoft Office or Photoshop, as well as any databases or code repositories that you own.
Social and marketing assets. Billions of people use social media, and chances are you do, too. Include your profiles on social media accounts, such as Instagram, Facebook, or Twitter. Blog posts, landing pages, and optimized content should be included in your estate plan, along with brand assets such as logos, slogans, and digital ad campaigns.
Gaming assets. Many people play online games, which often come with assets such as in-game currency and virtual coins, skins, avatars, virtual real estate, and digital collectibles.

Steps to Create a Plan

Here’s how to create a digital estate plan:

Inventory your digital assets. Make a list of the digital accounts you own to help your loved ones protect your estate and identity. Include as many assets as possible.
Make them accessible. Include passwords to make the assets easily accessible. Some digital services offer tools to designate what happens to your assets after death, so keep this in mind.
Create the plan. Organize your assets. Outline them and list your intentions for each. Store them safely and give instructions to those who need to access them.

Seek an Experienced Estate Planning Lawyer

Digital assets can be just as important as physical assets. Make sure they are stored safely, and you have instructions for their use once you pass away.

Make sure your final wishes are known. Get the help you need from Brentwood probate & estate administration lawyer Judy A. Oxford, Attorney at Law. She can help you with all your estate planning needs. Schedule a consultation today by completing the online form or calling (615) 791-8511.