Estate planning is constantly evolving in Oklahoma and across the United States. Revisiting estate plans that were created years ago is always a good idea. Digital property assets are the latest addition to estate plans that are very important for Oklahoma residents.
Digital property is the newest type of property a person can have. Digital assets include online social media accounts, bank accounts, email accounts and online storage accounts. It is important that there is a plan for digital assets if a person dies. Without a digital asset plan, digital property assets may be lost. A person should name who they want to have access to their digital assets. If there are certain instructions for what to do with the digital assets upon a person's death, that should be included as well. Valuable digital assets should be named, including valuable domain names, bitcoins, valuable virtual items in online games, etc. There are some online tools that can be used where service providers will contact a person in the event of extended inactivity. A password manager tool may also be a good idea. This is a place where user names and passwords can be stored and emergency contacts can be designated.
An estate planning professional can help their client organize their digital assets and ensure there is a plan for them upon their death. An attorney understands what is necessary to make sure their client's wishes are followed and their assets protected. Digital assets can be an important part of a person's life and it is important that they are included in a thorough estate plan.
Digital assets should be considered when a person is revisiting their estate plan or creating a new one. These assets can be complicated and diverse, so having an estate planning attorney available to help with the details can be important.
Source: natlawreview.com, "Estate planning: How to manage digital property assets," July 5, 2017