In today’s digital age, many of us have many digital assets, such as social media accounts, email accounts, online bank accounts, and digital photos and videos. These assets can be just as important as our physical assets. It is vital to have a plan in place for how they will be handled after our death or incapacity.
Here are some steps you can take to plan for your digital assets in Florida.
Make an inventory
The first step in planning for your digital assets is to inventory what you have. This should include all your online accounts, login information, passwords, and other relevant information. You may want to use a password manager to store this information securely.
Decide who will handle your digital assets
Once you have an inventory of your digital assets, you need to decide who will handle them after your death or incapacity. This person will be responsible for accessing your accounts and managing your digital assets according to your wishes. You may want to appoint a trusted friend or family member, or you may want to use a professional service.
Create a plan for each account
You need to create a plan for handling each of your online accounts after your death or incapacity. This may include deleting the account, transferring ownership to a beneficiary, or allowing the account to remain active with limited access. It is essential to review the terms of service for each account to ensure that your plan complies with the service provider’s rules.
Include your digital assets in your estate plan
Your estate plan should include provisions for your digital assets, just like it does for your physical assets. You may want to create a separate document, such as a digital asset inventory or digital asset trust, that outlines your wishes for each account. Working with an experienced estate planning attorney is important to ensure your plan is legally valid and enforceable.
Regularly review and update your plan
Finally, it is essential to review and update your plan for your digital assets regularly. As your online accounts change or you create new ones, you must ensure that your plan reflects your current wishes. You should also review your plan after significant life events, such as a marriage, divorce, or childbirth.
Planning for your digital assets is an important part of estate planning in Florida. To learn more about planning for your digital assets, contact an experienced estate planning attorney.