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3 tips for including digital assets in your will

| Apr 12, 2021 | Firm News |

The internet has likely changed how you live your daily life over the past few years. You may use the internet constantly throughout your day for work, school or entertainment purposes.

According to the Pew Research Center, only 7% of adults in the U.S. today do not use the internet. Since you likely use the internet regularly, you should know how to include any digital assets you accumulate in your will.

1. Only include assets with tangible or monetary value

Generally speaking, the only digital assets you can add to your estate plan include those with tangible or monetary value. These can include funds an online store owes to you, photos or music stored on your computer’s hard drive and frequent flyer miles.

2. Leave instructions for your executor

After you die, your executor may need to pay bills or distribute property using your digital assets. You should put together and leave instructions for how your executor should handle your digital assets when you create your will.

3. Know which assets you cannot include

Many of your digital assets cannot go into your will because you likely do not have the right to transfer them. Examples of assets you cannot add to your will include any domains you have licensed, subscription accounts, tax or financial software and email and social media accounts.

The digital assets you possess and acquire may change on a regular basis. You should review and update your will regularly, so this essential document reflects these changes.