Most people have a significant amount of their lives online. From social media accounts to online banking, Texas adults likely have multiple aspects of their personal life in a digital format, and it is just as important to protect these types of assets and accounts as it is to preserve physical assets. When creating a complete, long-term legal and financial strategy, it is important not to overlook the necessity of including plans that account for digital assets as well.
The components of digital estate planning
The first step in this process is to identify what counts as a digital asset. While every estate is different, most people do have digital assets for which they need to account, which may include blogs, phone apps, social media accounts, online banking accounts and more. The following can help one create a digital estate plan:
- Take inventory of all digital assets.
- Determine preferences for handling digital assets.
- Pick an executor capable of handling digital assets.
- Keep plans for handling digital assets in a safe place.
Like other components of a complete estate plan, these steps can provide a Texas adult with sufficient protection and control both during his or her lifetime and after passing.
Where to start with the estate planning process
Creating a digital estate plan can be difficult, but it is an important aspect of any complete plan. It will be helpful to discuss the need for this type of plan with an experienced attorney who can provide counsel and support at every step of the planning process. An assessment of one’s estate can provide insight regarding which plans are most important for the individual situation.