Many Texas residents do not really think about their electronic assets. Do you have hundreds of songs downloaded in your iTunes music library? Do you have digital books stored on your electronic reader? According to reports, if your personal, social and financial world is moving online, sources say that you should ensure that your passwords are part of your estate planning process. The last thing you want is one unknown password driving a wedge between your beneficiary and his or her inheritance.
Specifically, technology experts claim that an average 65-year-old has approximately 20 percent of his or her life recorded in a digital space. Furthermore, teens have up to 85 percent of their life documented in the digital world.
With this in mind, estate planning involves a thorough assessment of exactly what personal information is stored electronically. Additionally, one must document how to access this information.
Your family may not be aware of online assets, such as music, digital currency, domain names or book portfolios. Experts say that individuals do not consider these items when they contemplate and tally their total assets. Instead, people think about homes, cars and bank accounts.
For this reason, it is important to know whether the estate executor or beneficiary has legal access to the digital accounts.
Ultimately, keeping track of your electronic assets is important. If you are unsure of how to make estate plans with all of your electronic assets, you may need to speak to a qualified estate planning attorney. He or she can assist you with gathering all the important and necessary information.
Source: Financial Post, “Estate planning: Who gets your iTunes?” Julia Johnson, June 11, 2012