What Happens To Your Assets When You Die?
As seen in Kiplinger on May 1, 2021
Not very long ago, owning a personal computer was a novelty. Today we all interact personally and professionally using desktop or laptop computers and access the internet by way of cellphones. The constant presence of digital information in our lives has led to social and economic changes that would have been hard to anticipate only a few generations ago.
For those of us born before the Reagan administration, using a cellphone and relying solely on a computer to communicate and do daily financial transactions seemed as futuristic as The Jetsons. Now, our children and grandchildren likely can’t imagine a world without a high-speed digital connection.
5 Reasons Everyone Should Plan for Their Digital Assets
Not everyone is motivated to care about what happens to their digital assets after they’re gone. But here are a few reasons why you should:
Certain social media platforms will automatically mark a deceased user’s profile as “memorialized,” notifying other users of her death and alerting unscrupulous identity thieves to begin scanning for online accounts or information. Unless you exercise any option available to you for selecting a person to close your account under that provider's user agreement, or your will provides your executor the express authority to manage, access or delete your profile, your social media account may be closed only at the discretion of the platform.
Cryptocurrencies, blogs, web domain names, videos and pictures stored in the cloud or an online medium may have both intrinsic and extrinsic value and may be forever lost unless you properly plan for transferring this type of property.
Do not assume that you own everything stored digitally. Account credits, frequent flier points and cryptocurrency are typically transferable to your heirs. Movie and music libraries, phone apps and email accounts are typically not transferable, since you may not own the content and are only a permitted user. You and your estate planning attorney should review any user agreements to protect your rights concerning these accounts.
