Gone are the days where assets were mostly tangible, not anymore. Currently, there are numerous online assets you can pass on to your loved ones or beneficiaries after your death.
What are Online Assets?
Online Assets are assets you have on your smartphone, computer, Internet, and in the cloud. They require a code to access them. Such as; professional or business websites or blogs, online stores, social media channels like; LinkedIn for professionals, YouTube for consumer brands and professionals as well, Slide share, Facebook, Twitter, Google+, Pinterest.
Estate Planning
Estate Planning is simply the process involve in planing ahead concerning what happens to your estate when you are gone. It gives you the opportunity to choose who and who you want to inherit your estates, not just when you are dead, but also in a situation where you are incapacitated. It includes such documents that determines who has the power to make healthcare and financial decisions on your behalf.
5 Things to Consider in Estate Planning for your Online Assets
1. Taking stock of all assets
Make a list of all the digital assets you have currently. Get the details for each of your asset on the list, details such as access codes. Apps like Last Pass can help you manage your access codes if you have many different accounts. Meanwhile, remember that accessing crypto currency requires correct details so, be sure to get them in place. Also, it may be necessary for you to include your online liabilities in your estates plan so as to ensure that the beneficiary of a will have complete understanding of the online estate plan.
2. Back up your online assets
After taking stock of your online assets stored in the cloud, ensure you store them in a computer, hard disk, flash drive, or any other physical storage devices to make management easy. Meanwhile, never forget to bring up to date the list of stock of your online assets on frequently in case of new online assets you acquire or accounts you closed.
3. Include your digital assets in your estate plan
Like any other assets, your online assets are transferred to your loved ones either through a will or a revocable living trust. In the will or trust, you specify the person or persons, you want to inherit each asset. You can specify that your trustee closes files and delete accounts for assets that are of no value to the beneficiary of a will or ones you don’t want them to inherit or access.
Ensure you do not release the account access codes in your estate planning documents. It is wise to include terms in your estate plan allowing your trustee to employ an IT consultant if necessary, or you can choose a separate co-trustee just to manage your online assets, such trustee is known as a digital executor. In the estate plan, you should include instructions for your trustee about the extent to which you want him or her to have access.
4. Other Relevant Assets to Include
You may also need to include in your estate plan your crossbreed assets such as Individual Retirement Accounts (IRAs) or any other account that can be accessed online. As well as physical devices such as; smartphones, tablets, computers, flash drives in which your online assets are stored. Access to this equipment makes the job of accessing, managing, and transferring the online assets easier for your trustee.
5. Reassess the authorization tools in different platforms
Reassess the terms and conditions for each of your online accounts. For instance, Instagram, Google and Facebook have tools that allow you to easily choose access to others when you die. If it’s obtainable, then proceed to choose and record who you want to access and manage your accounts when you die. Ensure the name you choose corresponds to the name of the beneficiary in your will or estate plan.
FAQS:
1. What is estate planning?
Estate Planning is simply the process involve in planing ahead concerning what happens to your estate when you are gone.
2. What are online assets?
Online Assets are assets you have on your smartphone, computer, Internet, and in the cloud. They require a code to access them. Examples are professional or business websites or blogs.
3. Who is a digital executor? A digital executor is one who accesses and manages your online assets upon your death.
