When people consider estate planning and ensuring the proper distribution of personal property, most may only think about physical property. However, digital assets are also part of many Michigan estates in current times. These issues can typically be addressed by specific provisions within a last will and testament.
Digital assets can be highly personal, just as many physical items may be. For example, files on devices may contain photographs and videos considered irreplaceable. Personal documents may also be found online, and the fate of those documents can be just as important as vital physical documents. Social media accounts also hold a great deal of personal information and value for individuals. A plan for these accounts can be outlined in a will.
There may be monetary value in some digital property, which makes a solid plan for these assets an absolute must. E-commerce sites that are used frequently can have valuable bank account information or be the source of automatic withdrawals from a bank account. Reward programs or intellectual property may all exist in cyberspace and have a great of monetary value.
The decision as to what to do with digital assets and the location of passwords can quickly become complicated. While simply relaying wishes may be tempting for some in Michigan, outlining specific instructions for these accounts and property in a will can ensure a clear and proper management of digital assets. Our website has more information about digital assets in general and how a will can be a useful tool for dealing with personal items and accounts.