A mistake that many people in Florida and elsewhere are making is not taking time to focus on what will become of their property when they pass away. Specifically, do they know how their digital assets will be handled? Here are some tips for tackling digital assets with confidence during the estate planning process.
First, asset owners would be wise to create lists of all of their digital assets. These may include online bill accounts as well as accounts for email, 401(k)s, bank funds, social media and loans. Then, they may want to store all of their passwords for these accounts in one place with password managers. This information can then be printed off or stored on USB drives for easy back-up retrieval in the future.
However, it is critical for digital asset owners to let their loved ones know where this password information is being stored. In fact, they might want to appoint technology-literate parties to settle their estates so that they can confidently work with their password managers, too. Providing these individuals with training on how to utilize their password managers may be helpful down the road as well.
Today’s high-technology society is making estate planning more complicated than it has been in years past. Unfortunately, the assets of those who ignore estate planning may ultimately go to unintended recipients when the asset owners pass away. Fortunately, an estate planning attorney can help people in Florida to make sure that both their digital assets and their tangible assets are protected long-term.