Planning for the future can be a complex and sometimes emotionally challenging process as you must confront your own mortality and consider what will happen after you pass. While not always an easy process, it is a necessary one, and most adults will benefits provided by a complete estate plan. It is critical to have a carefully crafted and organized plan in order to reduce the potential complications loved one’s may face as they work to settle your estate in the future.
Various considerations can ensure that you end up with a plan that suits your objectives and protects the interests of your children as well. With the right steps, you can avoid leaving an electronic mess that your loved ones will have to clean up once you are gone. Thoughtful estate planning is an act of love and concern for those to whom you will pass your estate and make decisions on your behalf.
Save your loved ones time and money
When someone passes away and leaves behind a disorganized or incomplete estate plan, it can cause complications for loved ones, heirs and beneficiaries. One reason why this happens is because many people overlook the importance of including digital assets in their estate plans. Digital assets can include a range of things that may include everything from your social media accounts to any type of digital currency. It is critical to provide loved one access to certain accounts so that they may be able to properly manage them.
Failure to do this could lead to years of complications as they navigate the process of trying to settle all aspects of your estate. Because of the Uniform Fiduciary Access to Digital Assets Act, an executor can access web domains, computer files and more, but providing details about how to do this can be beneficial. However, an executor cannot access emails, social media accounts and other assets unless it is specifically permitted in your estate plan.
What should be in your estate plan?
Every estate plan is unique to the needs and objectives of the individual. If you are unsure of what should be in your complete estate plan or how you should include digital assets in your plan, you may benefit from an assessment of your case and discussion of your specific concerns with a knowledgeable professional.