Amy Doherty, EVP and Chief Operating Officer
July 02, 2020 | 3 min. read
Estate planning is an essential component of comprehensive financial planning. Its primary purpose is to make sure your financial and health care decisions are carried out as you wish and that your beneficiaries receive your assets in the most cost-effective way possible.
Assets in an estate plan typically include your investment accounts, cash and bank accounts, retirement accounts, real estate, personal property and possibly a business interest. In today’s world, another important type of asset has emerged: digital assets. It is now essential to consider digital assets in your estate plan, especially if you have financial information stored on your computer or smartphone that is password protected.
What are Digital Assets?
The Uniform Fiduciary Access to Digital Assets Act defines digital assets to broadly mean an electronic record in which an individual has a right or interest to, which may include:
How Should you Evaluate your Estate’s Digital Assets?
You might be surprised to see how many digital assets are on your list once you spend a moment taking inventory. Online and social media accounts seem to be an everyday part of life, but they can also be a significant portion of your assets that deserve attention when preparing your estate plan.
For more information about estate planning, read Estate Planning 101 and Six Estate Planning Questions to Always Ask Your Attorney.
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