End of Life
Why IncludeDigital Estate Planning
In Your End of Life Planning?
Digital Estate Planning has only come into existence in the past year or so. Until recently, not many people had seriously considered what happens to their economically and sentimentally valuable digital assets stored on the Internet.
What is a Digital Asset?
Digital Assets are basically considered as all of your online accounts and computer files. The covers a broad array of places on the Internet, including email, social networks such as (Facebook, LinkedIn, Twitter), website domain hosting, PayPal, E-bill paying.
So although this is considered to be a relatively new piece of end of life planning, many families and financial professionals are beginning to view Digital Estate Planning as an essential part of an overall estate planning process.
Today, people have online accounts and computer files, information, data, and assets that are:
1. Financially Valuable – This includes assets such as websites, domain names, blogs, and more.
2. Sentimentally Valuable – This includes assets such as email accounts, family documents, estate planning documents (such as a Last Will or Living Trust), phone numbers and addresses of friends and loved ones, videos, family photos, etc.
Why Include Digital Estate Planning in Your End of Life Plan?
Most people would prefer to pass on these digital assets to their heirs. It is also important to not that many people have certain online accounts that they would prefer to have immediately deleted upon their passing. These are both reasons why someone should consider Digital Estate Planning as another added value to their comprehensive estate plan.