Digital Assets in Estate Planning

by: Attorney Noyes

4/4/20242 min read

In the digital age, estate planning has evolved beyond physical assets to include digital assets, which can be complex and often overlooked. At Noyes & Associates, we guide our clients in effectively integrating digital assets into their estate plans. Here’s what you need to know about managing your digital legacy.

1. Identify Your Digital Assets: Digital assets include emails, social media accounts, online banking and investment accounts, digital photos, music, and domain names. Listing these assets is the first step in incorporating them into your estate plan.

2. Understand the Value: Some digital assets, like cryptocurrency and online businesses, hold significant financial value, while others have sentimental value. Recognizing the worth of these assets is essential for proper planning.

3. Choose Your Executors Wisely: Ensure that your chosen executor or trustee is tech-savvy or has access to someone who is. Managing digital assets requires a certain level of digital literacy.

4. Provide Access Instructions: Detail how your executors can access your digital assets, including passwords, encryption keys, and the locations of your digital files. A secure method should be used to store this sensitive information.

5. Know the Law: Laws governing digital assets and their transfer after death are still evolving. Understanding the legal landscape and how it affects your digital estate is crucial.

6. Update Regularly: Digital assets can change more frequently than physical ones. Regularly update your estate plan to reflect new digital assets or changes to existing ones.

Incorporating digital assets into your estate plan ensures they are managed according to your wishes and provides a complete picture of your estate for your heirs. Ignoring these assets can lead to complications and potential loss of valuable or meaningful digital property.

At Noyes & Associates, we understand the importance of a comprehensive estate plan that includes digital assets. We are here to help you navigate this modern aspect of estate planning, ensuring your digital legacy is preserved and protected. Please get in touch with us if you need assistance or have questions about including digital assets in your estate plan. Our experienced team is ready to provide you with the guidance and support you need.