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Do not forget digital assets when estate planning

No matter a person’s age, he or she likely has some information online or in digital form. Even older people utilize social media as a way to connect with old friends or stay in touch with family, and many have gotten used to conducting financial affairs through online portals. While these factors are relatively commonplace in most people’s lives, it is important not to overlook them when estate planning.

If Texas residents are working to get their affairs in order, it is important that they remember to include their digital assets in their plans. If they forget, serious problems could arise for surviving loved ones. Individuals can start by creating an inventory of their digital assets, like online financial accounts, email, photo storage, social media accounts and more. The inventory should include usernames, passwords and other important information for each account.

Additionally, parties can decide what should happen with their digital assets. Of course, this step can be tricky because some online platforms have specific policies regarding what should happen to an account after the person’s passing. However, parties can still leave information in their wills about who should manage the accounts, which is often the executor.

Estate planning can be a complicated task to complete. If one aspect of a person’s life is overlooked, it could cause serious issues later. Though many Texas residents may not think that their social media accounts are immensely important, they may be to surviving loved ones. If individuals are interested in ensuring that their digital assets are covered in their plans, they may want to go over this topic with knowledgeable attorneys.

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