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One must consider a variety of factors when planning an estate. Individuals in Florida and elsewhere will have to decide what they want done with their money and their property. Some of the assets which need to be dealt with include real estate, vehicles, stocks and bonds along with personal items. However, assets which are commonly overlooked during estate planning are digital assets, such as social media accounts, email and online bank accounts. The value of digital assets may be more significant than one may initially imagine.
The first thing a person needs to do when dealing with virtual assets for estate planning is to list all digital assets. This will include listing all websites a person may have signed up for, including the usernames and passwords for these sites. The next step would be to include any software and digital files that are regularly used. Also, individuals should add to the list all digital media, such as e-books, movies and music. These are just some of the digital assets which should be included. Many people may have more to add to the list.
After listing all digital assets, one should consider preparing instructions regarding how and to whom these assets should be transferred. When deciding what to do with digital assets, individuals should make sure to inspect the terms of use and privacy policies for any web services, such as email services. Some accounts are automatically terminated upon death of the owner. One option may be to name a digital executor who would be specifically in charge of distributing and administering digital assets.
Just like any other aspect of estate planning, Florida residents should be sure that estate planning documents are drafted properly when dealing with digital assets. This will make sure that the estate plan is legally valid and enforceable in Florida, which can help heirs avoid having to go through the probate process. Consulting with a legal professional may also help with making decisions regarding virtual assets.