Digital assets are an evolving aspect of estate planning, and many people do not carefully consider what may happen to things like their Facebook, Instagram and iTunes accounts when they pass on.
Most people have some form of online presence, whether it simply be an email account, social media profile or a profitable website, which may need careful deliberation when you are preparing your estate plan.
Here are a few things to keep in mind when preparing your will:
1. Read the terms and conditions on individual sites - These will determine what can happen with your digital assets, and can vary greatly from site to site.
2. Don't assume your online assets have no value - A popular You-Tube clip is just one example of a profitable online asset, while your photos stored on websites may have important sentimental value to your loved ones.
3. Review your personal digital profile - Social media and storage sites are not the only relevant considerations. Think about any online banking, email, eBay or PayPal accounts you may have.
4. Review your commercial digital profile - You may also have important cyber assets related with your business, such as domain names.
5. Think of any information your loved ones may need - Will they need to access or shut down any of your accounts? Or continue to pay account fees?
6. Don't record PINS, passwords or usernames in your estate plan - These can change often and these documents can become public. Consider keeping these in a safe place that your executors know about.
7. Ensure your estate plan is well-drafted - Engage an experienced lawyer to guide you through this process, to guarantee that your estate plan adequately reflects your wishes.
Just as with your physical possessions, you should ensure that these assets are properly accounted for.
If you have any queries about digital assets, or need to create or update an estate plan, Tucker Partners can assist you.
For more information contact our team on 03 9691 5959
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