Protecting your family and your digital assets

| Apr 30, 2018 | Wills & Trusts

It can be difficult to think about death, especially your own. But imagine for a moment that the worst has happened. What would happen to your digital assets? For many people, a more relevant question would be: What are digital assets?

Think of online banking information, stock portfolio information, social media passwords, cryptocurrency accounts, your digital wallet and other online accounts. There is a growing need for people to ensure that important digital assets are dealt with as part of

If the worst has happened and you did not leave instructions as part of a will or other estate planning tool, your family and the executor of your estate might well find themselves struggling to even take care of your email accounts. The struggle might get worse if they figure out your email password and try to make sense of messages about online accounts they cannot access.

A recent Forbes article says “It’s imperative to include your online accounts during the estate-planning process.” Failing to think ahead might well prevent your executor and your family, friends and others from recovering treasured photos, videos and important accounts. There is also the possibility, Forbes said, of post-mortem fraud or identity theft.

One possible aid is something called a blockchain – a list of records that are linked and secured with cryptography. Forbes says you can put your digital assets into one encrypted file with a private key on the blockchain. Then make sure those who you care about most can access the blockchain when you pass on.

You can discuss the ways in which you can make life easier and safer for your family with the help of an estate planning attorney experienced in asset protection.