During the estate planning process, you document your wishes for assets like property, investments, insurance policies, and retirement accounts. But what will happen to your digital assets like digital photos, social media accounts, or digital currency, not to mention all those passwords?
Estate Planning for Digital Assets Episode Summary
This episode of the First Business Bank Podcast discusses digital assets estate planning. This is the process of identifying, simplifying, managing, and documenting your digital assets to prepare to transition them to your loved ones after your death. Our conversation includes:
- Identifying your digital assets and simplifying them for your heirs
- Protecting and transferring sentimental digital assets
- Creating strong passwords, managing, and documenting them
- Dealing with cryptocurrency and non-fungible tokens (NFTs)
- Working with your estate planning attorney to include your digital assets in estate planning
- Revisiting and updating your list of digital assets regularly
The Significance of Digital Assets Estate Planning
While digital assets might be out of sight, they shouldn’t be out of mind when you’re working on your estate plan. By documenting, simplifying, and making a plan to transfer them, you’ll ease the burden for your heirs and ensure your valuable digital assets make it into the right hands.