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Remember to account for digital assets when estate planning

On Behalf of | Sep 3, 2019 | Estate Planning

Most people save photos, videos, important documents and other items in digital form without thinking about it. In fact, it may seem more unusual to actually have physical photos printed than to just post digital copies on social media. While this may seem convenient now, these digital assets could cause complications later if Texas residents do not account for them while estate planning.

A considerable part of many people’s lives takes place online these days. As a result, it is easy to forget all of the accounts created and what they are used for. Because of this, it is a smart move to list all of the online accounts and devices that use those accounts. Once individuals know what they need to address, they may be more easily able to indicate how they want those digital assets handled. Some examples to remember include email accounts, social media accounts, gaming accounts, storage and filing sharing, shopping accounts, and more.

After creating an inventory, individuals then need to determine who takes control of those digital assets. However, it is important to understand the terms of service of online accounts because some assets and accounts may not be transferable. Once the terms are understood, parties can take steps to ensure that someone will take over the appropriate accounts.

It is easier to overlook assets than some people realize, especially when they are not physical. Digital assets play an important part in the lives of most Texas residents so it is important to account for them during estate planning. If individuals have questions about the best way to handle these assets, they may wish to consult with knowledgeable attorneys.


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