The CPA Group, P.C.

 

4267 Canal Avenue SW

Grandville, MI 49418

Phone: 616-538-0460

 

Website: www.thecpagroup.com

September 2023

Don't Overlook Your Digital Estate Assets

A digital or online presence has become a part of daily life for most people. That digital presence also should be a part of your estate plan. If it isn’t, here’s how to get things together to include those assets in your planning.


First, list your electronic and virtual accounts and assets, including account names, usernames and passwords. Review and update periodically. Things to include:

  • Email accounts (personal and business)

  • Online banking accounts

  • Social media accounts

  • Photos and text, graphic, and audio files stored on your computer or in the cloud

  • Cellphone apps

  • Utility accounts

  • Loyalty program benefits such as credit card rewards

  • Online store accounts

  • Gaming accounts

  • Cryptocurrency keys

  • E-commerce accounts

  • Domain names, including blogs


Your professional advisor can help ensure you’ve listed all your digital assets and advise you on the next step, which is to decide how you want your digital assets handled. Most social media companies have specific policies for accessing and dealing with deceased members’ accounts. Other companies may as well, with some allowing you to authorize a person to access your digital account and some prohibiting the transfer of digital assets to another person or account. Knowing the policies for all of your accounts is imperative to direct how you want them handled.


Next, pick a digital executor. Weigh whether your named estate executor is the logical choice or if someone else—a family member or close friend—would be a better choice for your digital assets. Make sure your choice (or choices) understand their tasks and responsibilities before they accept the designation. You can refer to your digital assets document and name a digital executor in your traditional will.


Finally, keep your digital estate assets information in a safe place where your digital executor can access it easily. You may want to store all of your estate documents with your legal advisor.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.