Our lives are intricately intertwined with technology in the digital age, and our online presence often holds significant value. As you create an estate plan in McAllen, including protection of digital assets is essential. From social media accounts to online banking and digital media, these assets hold value and personal information.
Learn how our estate planning attorneys in McAllen can assist you in effectively protecting and transferring your digital assets.
Including Digital Assets in Estate Planning
Estate planning traditionally focuses on tangible assets, such as:
- Personal belongings
However, the digital revolution has brought forth a new category of assets that demand attention: digital assets. These assets may have monetary, sentimental, or personal value and should be appropriately accounted for.
By integrating digital asset planning into our estate plans, we can:
- Protect our online legacies.
- Ensure a smooth transition for future generations.
- Provide clarity to our loved ones regarding our digital lives.
Types of Digital Assets to Consider
Digital assets encompass a wide range of items and accounts, and it is essential to identify and document them thoroughly. Here are some common types of digital assets to consider:
- Social Media Accounts: Facebook, Twitter, Instagram, and other social media platforms contain memories, personal messages, and valuable connections.
- Online Banking and Financial Accounts: Digital access to bank accounts, investment portfolios, and cryptocurrency holdings should be accounted for and protected.
- Digital Media: Photos, videos, and music stored digitally hold personal and sentimental value that should be preserved for future generations.
- Intellectual Property: If you hold copyrights, patents, or other forms of intellectual property, ensuring their transfer and protection is crucial.
Documentation and Protection of Digital Assets
To effectively plan for the preservation and transfer of digital assets, it is vital to create comprehensive documentation. Here are some critical steps to consider:
- Inventory – Compile a detailed inventory of all your digital assets, including account names, usernames, passwords, and relevant access information. Store this information securely and update it regularly.
- Digital Asset Directive – Consider drafting a Digital Asset Authorization (DAA), which outlines your wishes regarding managing and distributing your digital assets. This document can guide your executor or appointed digital asset trustee.
- Estate Planning Documents – In Texas, digital assets can be included in a will or a document called a “Digital Asset Authorization.” Consult with an attorney specializing in estate planning to determine the most appropriate approach for your situation.
- Trusted Executor or Digital Asset Trustee – Appoint someone you trust to handle your digital assets and ensure they have the necessary information to access and manage them. Consider including specific instructions for the management or deletion of certain accounts.
Estate Plan in McAllen with Barrera Sanchez
Including digital assets in a will or a (DAA) can help ensure their protection and transfer according to your wishes. By taking these proactive steps, you can preserve your digital assets and leave a lasting legacy for future generations. Ready to start your estate planning? Get a FREE Consultation at (956) 287-7555!