Do you have online trading accounts? Do your banks, credit unions and investment firms send you paperless account statements? Do you use passwords, login names/codes and security questions to access online accounts and other websites? How about credit card accounts and frequent flier-type accounts? And what about email accounts (at work or web-based accounts like gmail or hotmail)?
These are examples of digital assets that your spouse or family may or may not be able to access and utilize if you die (or become mentally incapacitated) unexpectedly. You can even add social media sites (Facebook, Twitter, LinkedIn, etc.) to the list.
Just like you have (or should have) a plan for designating who inherits your assets, when, and how you should similarly have a plan for digital assets.
Who do you want to take care of your digital assets when the time comes? Your Power of Attorney might be sufficient, if the document is specific enough and you are still alive. However, when someone dies, their Power of Attorney "dies" also, and there is no way to change that.
Does your Will or Trust deal with who will have the right to access or otherwise use your digital assets? Even if it does, will your Trustee (Trust) or Personal Representative (Will) even know where the password, login, account number, and security answers are stored?
If you’d like to consult with me about this type of planning or other aspects of your estate-planning and asset-protection planning, give me a call and schedule a date and time to meet.