If you have a computer, smartphone, or tablet, there’s a good chance that you also have a digital asset. As technology continues to advance, we can plan on accumulating more and more digital assets. What is a digital asset? Why is it essential to protect a digital asset just as you would any other valuable?
Digital assets are:
- Accounts, documents, information, records and photos that are primarily accessed by an individual via an electronic device
- Email and social media accounts
- Online purchasing and sales accounts
- Files stored in the cloud (including important passwords)
- Electronic communications (including text messages)
- Digital currency
- Gaming, music, video assets
- Subscription services
It’s important to think long-term when it comes to digital assets. After all, it can be upsetting to see the birthday of a deceased loved posted on your Facebook timeline. You should have a plan in place. The estate planning attorneys at O’Reilly Rancilio can help you determine your digital assets and more, including:
- The dollar value of the digital assets
- Identifying which digital assets offer sentimental value (photos, videos, voice recordings, etc.)
- Determining who should have access to digital assets and which one this person (or people) should have access to
- Figuring out if an existing estate plan addresses digital assets, and if not, helping them develop a proper plan.
If you have further questions about managing your digital assets, call one of the estate planning professionals at O’Reilly Rancilio PC in Sterling Heights, or visit our website.