Estate Planning, Probate, Guardianship & Elder Law

Your Family. Our Purpose.

  1. Home
  2.  » 
  3. Estate Planning
  4.  » Accounting for digital assets in your estate plan
Mary Beth Kelly

Accounting for digital assets in your estate plan

On Behalf of | Nov 3, 2021 | Estate Planning |

Almost everyone in Florida has some digital assets that are not tangible, meaning they can only be accessed online. Some digital assets have monetary value while others are just highly sentimental. When you are in the process of planning your estate, it’s important not to forget to account for your digital assets.

Online banking, investments, and businesses

These days, some people have banking and investment accounts that are only accessible online. A common example is a PayPal account, which may be used to receive payments for an online business you own. Your cryptocurrency wallet may also hold a significant amount of value that you want to pass on to your beneficiaries. It’s important that you include passwords and instructions for all of these digital assets in your estate plan documents.

Social media, email, and cloud storage

All of the posts on your social media pages, the photos in your cloud storage, and the communications in your email could hold significant sentimental value for your family members. In your will, you should include instructions about what you want to happen to these digital assets after you pass away. Some people don’t mind their social media pages remaining up as memorials, but other people prefer to have their online footprints deleted.

Choosing a digital executor

There is a lot to sort out when it comes to your digital assets and online accounts. In addition to the valuable digital items you have online, you may also have monthly subscriptions and store accounts that need to be closed. During the estate planning process, you can create a digital will and designate a digital executor to oversee it. That way, the main executor of your estate can focus mainly on your tangible assets.