Technology isn’t just for kids anymore. In fact, the general population relies on technology more and more as each year passes and cyberspace becomes just as valuable as actual space. This dependence on the internet has created a wealth of digital assets in addition to physical assets like houses, cars and jewelry. In Nevada and elsewhere, the fate of digital assets is being outlined as part of the estate planning process.
Digital assets can encompass so many different online activities and accounts. A person’s email account can be a digital asset that needs handling after death as important information may be contained in emails. Any pictures and documents stored on a cloud may also be considered digital assets that need to be given over to another.
Bank accounts and any online bill payment services are certainly worth outlining for beneficiaries. If left out of the estate planning process, the accounts could be surrendered and go to waste. Bill payment may also still be made unnecessarily, further depleting accounts that should be entrusted to another.
While each person’s estate planning needs can be as individual as the person and Nevada family involved, having a clear idea about what counts as assets can help. Comprehensive estate planning can help a person best determine the fate of assets and ensure accounts and online files are handled accordingly and not lost in cyberspace forever. Digital assets may be worth more than a person expects, and the fate of those assets, just as with other assets, should not be overlooked or discounted.
Source: wallstcheatsheet.com, “Estate Planning 101: Don’t Forget About Your Digital Assets“, Eric McWhinnie, May 19, 2014