As the Internet becomes more of a part of everyday life for people in Wisconsin and the rest of the world, families have to think differently about how they plan for the future. Everything from online bank accounts to social media profiles make have significant value, and making sure these assets are passed down to the right people presents a lot of challenges.
There are a few basic components to estate planning in the digital world. The first priority is to make sure that all assets are carefully managed and tracked while still alive. The next is to ensure those assets are distributed according to the person’s specific objectives. Each estate plan will be unique depending on the person’s age, wealth, family, and a variety of other factors.
To properly account for digital assets in an estate plan, it’s important to record all passwords to online accounts and to keep them accessible for a designated person who will either take ownership of them or distribute them. It may be also necessary to provide detailed information that describes how to access certain online assets. During this process, it’s a good idea to check the terms of service for websites to see what their policies about transferring ownership of accounts are.
Estate planning can involve a lot of complicated documents that need to hold up in a court of law. This is especially true for estates that include digital assets since transfer of ownership involving online accounts can be very complex. An attorney might be able to work closely with their client to establish goals and help them draft wills, trusts, and other legal documents that fulfill those goals.