Texas residents usually want to make sure that their loved ones are able to access their inheritances once they’ve moved on. Many believe that they’ve done a great job of making sure that once they’re gone, their beneficiaries will have access to everything that they should.
Unfortunately, that’s not always the case. By ignoring digital assets in estate plans, individuals can inadvertently prevent beneficiaries from accessing their full inheritances.
What type of digital assets should you be concerned with providing access to?
Some of the digital assets that you should provide access to when going through the estate planning process include the following:
- Provide your beneficiaries with legal access, ownership and password information about any cryptocurrencies or Bitcoin that you own.
- Make sure that your loved ones have access to your domain names for websites and any online blogs that you may have.
- Give them access to your digital photo and video library.
- Make sure that they have the rights to any intellectual property that you have online, including digital ebooks, motion picture rights, musical compositions, and any other type of creative content.
- Make sure that they have access to any monetized online video channels that you have.
- Some people have NFTs (non-fungible tokens), so make sure your loved ones gain the rights to these digital assets once you’re gone since they can be very valuable.
How do you include your digital assets in your estate plan?
When creating an estate plan, make sure that you provide passwords for all digital accounts. Ensure that your beneficiaries can bypass data encryption. Provide consent in your estate plan that explicitly allow your beneficiaries access to the accounts you want them to have access to once you’re gone.
How can people get help with including their digital assets in an estate plan?
Estate plan setup is often tricky, and including digital assets can make the whole process trickier. People may benefit by working with attorneys who have experience with this type of law.