Estate Planning Law

Estate Planning and How to Protect Digital Assets?

Technology continues to play an essential role in all that we do. And if you’re like most people in the modern era, your digital assets likewise continue to grow. Factor in things like paperless financial statements and the personal information associated with your many online accounts, and you can see why protecting your sensitive data is of the utmost importance.

At Doane & Doane, we’re here to help our clients plan for the future. And you can count on our extensive expertise to show you how to protect your digital assets. The importance of what’s included in your many online accounts cannot be overlooked.

We know that by developing a plan for your online data, you can avoid major life disturbances such as identity theft while protecting your loved ones from unfortunate legal troubles. With our experience in your corner, we can help you properly package your digital assets and move into the future with confidence. So if you’re ready to secure your assets in the digital age, we encourage you to call Doane & Doane today. 

How to Protect Digital Assets

Unless you have clear instructions directing your loved ones to manage your online information if you become incapacitated or pass away, it will be hard for them to know what to do. But when you take steps early on to establish estate planning for your digital assets, you can provide your loved ones with clear directions that meet your wishes.

The privacy of your digital information is incredibly important. If you were to pass, scammers and thieves could use your information to assume your identity and steal what’s rightfully yours. They could potentially wipe out bank accounts that you intended to go to loved ones, forever tarnishing what you worked your entire life to build.

Sadly, this kind of theft happens all the time. And much of it could have been avoided had proper action been taken ahead of time. When you have an estate planning attorney on your side, you have an advocate who will help you go through the proper channels to ensure that your online presence and assets remain secure.

At Doane & Doane, we will make sure that nothing is overlooked as you prepare for the future. Let’s examine some of the vital areas you want to address when you utilize estate planning and work to protect your digital assets.

Access to Accounts

Here, you will need to choose the person or persons to whom you wish to have access to your online accounts. It’s important that you choose carefully, as you likely wish for only certain individuals to be able to gain entry into your personal online accounts.

Should Your Accounts Remain Open?

Some people prefer that their social media accounts remain open after their passing. Others, however, would rather all personal digital trails be wiped from the internet for various reasons. As such, you need to specify in your estate planning what you wish to happen to all of your online accounts, not just social media.

Inheritance

As with traditional estate planning, it’s also important to specify who gets your assets after you pass. You might have both traditional and digital currencies that you want to be divided up amongst loved ones. If you have important plans for your assets, your estate planning needs to reflect your wishes and explain them in detail.

Password Locations

If your login information and passwords were to fall into the wrong hands, it could cause irreparable damage to your estate and assets. Therefore, your plan needs to provide clear instructions explaining where you wish your digital credentials to be stored. 

And as stated, only a very limited number of people should have access to this information. Your estate planning attorney can assist you in choosing the most suitable people to manage your trust after you’re gone or if you fall ill and can no longer manage your own account affairs.

It pays to be as thorough and as detailed as possible regarding your wishes for your digital assets. Your plan should make life easier for your loved ones, and you can do your part to ensure this by leaving them with clear, concise, and direct instructions. 

You might have a considerable collection of photos of family and friends on your social media accounts that your loved ones would like to have, let alone your finances. All of these things are of prime importance. With the right legal firm walking you through your estate planning, you can rest easy knowing that your digital assets are well protected.

Contact Doane & Doane Today for Assistance 

Doane & Doane was founded in 2003 remains one of the most trusted and respected estate planning firms in Southeast Florida. If you need assistance establishing an estate plan, protecting your digital assets, or any other related issues, please contact us at 561-656-0200. Alternatively, you can always fill out our online contact form, and we will promptly respond to your inquiry.

The information in this blog post is for reference only and not legal advice. As such, you should not decide whether to contact a lawyer based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.