Technological advances affect Texas residents and those elsewhere in various ways. In fact, many people put a considerable amount of their lives online, and as a result, they create a number of digital assets. However, because these assets are not as tangible as physical assets, they may not always remember to account for them while estate planning.
Even if online assets do not have a considerable amount of monetary value, they may still be important to surviving loved ones. Online photo albums, emails and social media posts could all fall into the category of digital assets, and many family members want the ability to look through those assets after a loved one’s death. However, if they are password protected, difficult to find and have not been addressed in an estate plan, family members may be at a loss.
If family members do not have the necessary information to access remaining accounts, a risk for fraud also exists. Many people utilize online portals to pay bills, check bank accounts and complete other financial transactions. If these accounts are left unprotected, they could face the risk of being hacked, and a deceased person’s financial information could be exposed, which could also lead to identity theft.
There are a number of reasons that it is wise to consider digital assets when estate planning. Of course, these assets can also be easily overlooked or their value misrepresented. Fortunately, Texas residents can discuss the ways in which they can pass on and protect digital assets with their legal counsel.