Do you have a goal this year to protect your digital assets? If you want to protect them, how do you go about accomplishing your goal? Everyone reads about data security daily in the headlines, and digital privacy is always part of the news. Most importantly for you, were you aware that your digital assets can be included in your estate plan? They absolutely can! As part of your estate planning for the future you can secure your digital assets. We would like to share some guidelines to help you know how to include digital assets in your estate plan while also keeping them secure.
The protection and preservation of your passwords is a crucial step when keeping your digital assets secure. We know it is often difficult to keep up with all of the different passwords you use to access your different accounts. So, your first step could be to keep track of your passwords with a written list and keep it in a locked desk drawer or safe deposit box. However, your list should be where you can access it frequently and whenever you need to make updates. Second step, remember your passwords should be strong and not easily guessed. It is often recommended that you should change your passwords often, even if only once a year. Third step, be vigilant in checking on your digital assets to ensure your passwords have not been compromised. If they have, update them immediately.
As you create or update your estate plan have you made your digital assets part of your estate plan? If you have not, we have some information on this topic. There are digital assets that are financial, like a digital Paypal, Venmo, or bitcoin account. There are also digital assets that are sentimental, like a collection of photographs or videos of your children and grandchildren. When adding them to your estate plan, someone needs to be able to access these assets after you pass away. You may need to pick a person who can be trusted with your password information and keep him or her informed about where you keep your password list so he or she can access it when the time comes. In your will, you may also wish to detail who should have access to your digital assets, or leave your personal representative instructions with respect to your passwords.
We know this article may raise more questions than it answers. We want to help you protect beloved seniors in your life with these helpful tips this March. Our office is here for you and your loved ones. Please call us to schedule a meeting time.