#11 of 25 Common Estate Planning Mistakes – Digital Assets

Neglecting Your Digital Assets
Increasingly, people are living more and more of their
lives in the virtual / digital / online world. However, many
estate plans fail to include directions regarding these
digital assets. Many bank accounts, social media and
email accounts are assets with financial or sentimental
value which can only be accessed online. Your power of
attorney, successor trustee / personal representative will
need specific authority and information to access and
manage your digital assets. You need to indicate which
accounts should be closed, deleted and transferred. Your
successor trustee / personal representative will need a
comprehensive and updated listing of all digital accounts
with usernames, passwords and security questions to
access your online accounts. Without this information,
it will be impossible to administer your digital estate,
causing potential financial loss and emotional hardship.