When asset owners in New York think about their valuables, they often focus on tangible items, such as paintings and cash. However, digital assets are also important assets to take into consideration during the estate planning process, which may include creating wills and trusts. A few tips may help with organizing digital assets, such as a social media account.
First, it is critical for asset owners to determine how they want their digital assets to be handled after they pass away. For instance, Facebook allows executors or immediate family members to close deceased individuals’ accounts and memorialize them. It may be beneficial to create instructions for a personal representative on one’s social media accounts so that he or she knows what to do with these accounts upon one’s death.
Another smart move is to invest in a password manager. This type of site maintains an accurate record of an online user’s online accounts/passwords in what is called a digital vault. The online user can simply set up the site in advance so that a personal representative can access the user’s social media platforms when the user passes away.
Estate planning is often seen as a morbid task, which is why many individuals prefer not to do it. However, failure to plan an estate can be detrimental, as one’s assets may not end up in the intended hands. An attorney in New York can help with creating comprehensive wills, trusts and other documents that accurately reflect an asset owner’s wishes as well as his or her loved ones’ best interests.