When you begin to develop your New Jersey estate plan, your first considerations may be your physical property. Nowadays, however, a person’s property reaches beyond physical property. Most people also own digital assets. Do you know what happens to your digital assets if something happens to you? You have to plan ahead.
Technology’s advancement causes the definition of digital asset to change often. The Tax Adviser references digital assets as electronic communications, financial accounts, digital collections, online reward program, cryptocurrencies and business accounts. Your digital assets are property. Now, terms-of-service agreements can affect what you can do with your accounts following your death. Most people pay little attention to terms-of-service agreements.
It is crucial to include access to digital accounts in an estate plan for a number of reasons. Crucial information delivers through email nowadays. If someone needs access to your personal and business accounts, he or she needs access to your email. A fiduciary may not know about outstanding bank account, contractual deals or customers with no email access.
Work with digital assets the same way that you handle physical assets. Take inventory of what you own and determine what your digital assets are. Then, decide what you want to do with these assets in the event of your disability or death. List usernames, passwords and even secret questions. There are some online tools that can also help. Some accounts allow you to indicate who can access the information if something happens to you.
The above article is for educational purposes only. It is not intended to be legal advice.