Nowadays, our assets extend far beyond our physical possessions. Most people now have digital assets along with their physical assets. When you’re discussing your estate plan, it’s best to note your digital assets along with your other assets. There are a lot of different things that must be included in an estate plan, so it’s best to read over this while making sure you have included everything in your estate plan.
What Are Digital Assets?
Digital assets include much more than just your social media accounts. They are any information or data that exists in a digital format and comes with the right to use. This includes social media accounts, digital files, emails, online banking and brokerage accounts, digital photos, and cryptocurrency. When deciding if it’s a digital asset, ask yourself these three questions:
- Does it have value?
- Does it establish ownership?
- Is it discoverable?
It’s best to understand what a digital asset is now because they are becoming more popular as time goes on. Being more informed about digital assets can also help you become more prepared when the time comes to include them in your estate plan.
What is an Estate Plan?
An estate plan is vital for people of all ages. However, as we age, an estate plan becomes more crucial. An estate plan comes into effect once you pass away. A Missouri estate plan includes all the property owned jointly and individually, including bank accounts, real estate, jewelry, and more. Without an estate plan, it’s hard to carry out the person’s wishes, and it will most likely end up in probate court. Estate planning probate court is when they decide where all the assets go. An estate plan takes all the assets and makes sure they go to the right beneficiaries listed in the estate plan. In the end, it’s a plan of what to do with the deceased’s belongings.
Digital Assets and Estate Planning
It’s crucial to include digital assets in your estate plan. They may have sentimental or financial value. If you don’t include digital assets in your estate plan, then the heirs won’t be able to access them. Some examples of digital assets include the following:
- Photos that are stored in the cloud service.
- Money in accounts such as Venmo or PayPal.
- A personal blog that generates ad revenue.
All these are digital assets that people may not want to lose, so including them in your estate plan will make sure these assets aren’t gone. It’s a good idea to get a lawyer when figuring out what to include in your estate plan because there are so many intricate details when it comes to planning your estate.
Accessing Digital Assets After Death
Missouri has the “Missouri Fiduciary Access to Digital Assets Act.” This act allows fiduciaries to access and manage a person’s digital accounts and files under certain circumstances. The act clarifies how fiduciaries can manage the deceased’s digital property and align it with the other assets. Digital assets are considered part of the will just like the other assets part of the estate. If there is a beneficiary assigned to the digital assets, then they will be passed down to the selected beneficiary. If there isn’t one assigned, they will continue with the “Missouri Fiduciary Access to Digital Assets Act.”
If you are going through the process of estate planning in Missouri and have no clue where to start, contact Mark Harford Law. They will be able to assist you with what goes into estate planning. Digital assets can be difficult to understand, but Mark Harford Law is here to help.