Have you considered the amount of digital assets you have out there in cyber space? Today many of us access our banking, financial accounts and brokerage accounts directly on line. We also have web based business sites, blogs, social media accounts, email account, eBooks, digital music…the list can go on.
These digital assets could have significant value for our heirs whether financial or sentimental. Existing laws do not provide a great deal of help dealing with digital estates at the moment. So then how do we protect ourselves?
The jury is still out on the best course of action as only a handful of states have passed legislation related to this issue. Many social media sites and banking institutions have their own set of rules or none at all. Estate planners are now taking this issue into serious consideration, creating specific instructions on how our virtual inheritance can be accessed and transferred properly.
In order to improve the odds of having your digital estate handled properly, our best course of action is to assign a trustworthy friend or relative to deal with our accounts. An inventory of all accounts, user ids and passwords need to be placed in a safe location and accompanied with written instructions on how you desire each account be handled. Whether you wish these accounts to be permanently deleted or passed along to your heirs is within your rights. Make your wishes known.
Answers from AZ