Many Texas residents forget about digital assets when it comes to their estate plans. It’s not that these assets are any less valuable than property or more traditional forms of financial assets, but rather the idea of anyone accessing online information after you’re gone is so foreign.
What counts as a digital asset?
Digital assets can include any digital or online accounts. This can include standard things like social media profiles and even websites, but it can also include:
- Digital photos and videos
- Non-fungible tokens (NFTs)
- YouTube or video channels
- Video game accounts that may or may not have real-world value
Sometimes your digital assets can have real-world, monetary value to your family after you’re gone. Cryptocurrencies, video game items, and even NFTs can be sold at higher prices than when you originally bought them.
Other times, having access to digital accounts is a more sentimental matter. Maybe only your computer or Photobucket account has those family photos or something.
Why is it important to plan for digital assets?
Aside from sentiment and potential financial value, there’s a safety measure to including your digital assets in your estate plan. Your family can carefully transfer over information and shut down accounts that will be inactive.
This might seem silly but doing this can prevent hackers from trying to get access into bank accounts or scam people for money. If you don’t want your loved ones having access to your accounts, you can provide a cloud backup of all important information and give clear instructions for your accounts to be deleted after your death.