Welcome to the digital age where we now have to consider such mundane things as our Facebook login credentials in our estate plan if we want our loved ones to have access to it upon our passing. Many Michiganders often forget about digital assets when planning their estate, both non-financial and financial assets, such as your online trading accounts or your online gossip trading accounts. Think about all the online photo albums you may have stored on various social media and file sharing websites such as Flickr and Facebook, do you want loved ones to be able to access those photos?
Because of that, more and more estate planners are instructing clients to leave very clear instructions for family members when it comes to digital assets. Estate planning attorneys have added digital assets to the estate planning check list along with a series of addendums in documenting where these assets are located and how they are accessed online. A great deal of money could be attached to your digital assets as well, according to a survey by Intel’s McAfee, the company’s security-technology unit, which found that American consumers value their digitals assets at almost $55,000 on average.
Look for a continuation on this topic next week as we go into estate planning tips from the experts and other reasons to consider the future of your online legacy.
Source: The Wall Street Journal, “Passing Down Digital Assets,” Kelly Greene, Aug. 31, 2012
Our law firm handles estate planning issues, including wills, trusts and probate representation.