The process of settling the estate of a loved one can be a difficult and emotionally challenging endeavor for a Texas family. This process can be even more complicated if the documents and information left behind is confusing or contradictory. This can lead to a costly and lengthy probate process that heirs and beneficiaries will have to navigate. Through careful estate planning, it is possible to avoid leaving behind an electronic mess.
Careful and thoughtful estate planning
Most people have some aspects of their lives online. Social media accounts, digital currency, cloud-based storage accounts and more are all private and closely held assets that should be accounted for in an estate plan. Failure to account for these things in an estate plan can leave loved ones in a difficult position as they determine how to access these things, what should happen with them and who is tasked with their management.
Estate laws do allow the executor of an estate to access certain types of accounts, such as virtual currencies and computer files. However, a will should specifically outline instructions for how an executor can access accounts such as email or social media profiles. Written permission, clear instructions and login information is a critical component of planning for the management of certain types of assets.
Planning well for the future
It is not easy for one to consider what will happen after he or she passes away. However, careful planning can reduce the chance that a Texas family will have to navigate complex issues to close their loved one’s estate. Planning well and including digital assets in an estate plan reduces the chance of an electronic mess.