Legislators have been working to provide greater access to digital assets for estate administrators.
Estate plans almost have to include plans for what to do with digital assets these days. However, many people are still confused about what digital assets actually are. There are four different basic categories of digital assets people might need to consider, according to the Xenia Daily Gazette in “Estate Planning and Digital Assets.”
Those assets include:
- Things that exist only digitally but that have some monetary value. This can include things like domain names for websites and cryptocurrencies.
- Another category includes digital accounts that provide access to things that have value in the real world. If you access your bank account online, the information about that access is a digital asset.
- Another potential asset includes messages meant to communicate digitally with others, including emails or social media posts.
- Finally, there is another category of digital assets that includes things like photos and videos stored digitally.
It is important to consider digital assets when formulating your estate plan.
Reference: Xenia Daily Gazette (May 21, 2018) “Estate Planning and Digital Assets.”