There are many factors and assets that need to be considered as part of any comprehensive estate plan. Today, technology plays more of a role in daily life than many may ever consider. Because of the importance and reliance on technology, it is becoming more important to incorporate digital assets into an estate plan. Michigan families who already have an estate plan in place may want to consider revisiting the plan to incorporate provisions specifically for digital assets.
Anyone who has email accounts and social media accounts may want to think about the fate of those accounts. These accounts have passwords. Divulging these passwords as part of a secure estate-planning document may be necessary, and it may also be necessary to outline what the fate of these accounts should be, such as deleting them or not.
Digital assets can go way beyond the fate of a Facebook account. Some people have home-based businesses or utilize other forms of e-commerce as part of their business. Someone else may need to know how to access these systems or accounts to ensure continuation of a business or payment of bills in general.
Digital assets that may be included in an estate plan can vary greatly from person to person. It is important for Michigan families to discuss these assets and formulate a plan for how to deal with digital assets, some of which may be quite valuable. Our firm has information that may help families identify digital assets and outline a plan as part of a new or existing estate plan.