Estate Planning

Digital Asset Estate Planning is critical!

Sadly, we had a good friend who did not make these arrangements and I still get his image popping up from his Facebook so here’s a short reminder on making changes to your estate plan for your digital assets:

Estate Planning for Digital Assets

The adviser realized leaving her client’s eBay and PayPal accounts open after his death could leave his heirs vulnerable to having those accounts hacked, a logistical nightmare if she didn’t have access to them.

“Anyone could hack into the accounts—which are connected to bank accounts—and take the money or rack up huge debts that the estate is then responsible for,”

They researched service agreements at social media, e-commerce and file storing sites. In accordance with those agreements, they came up with an amendment to the client’s revocable trust that they hoped would give the trustee, Ms. Pedersen’s firm, access to all of the client’s digital accounts when he dies.

Think about your accounts at Google, Facebook, Amazon, PayPay, Apple Pay, Samsung Pay, BitCoin, Itunes, etc. and how digital your life has become and make arrangements for someone to take down your digital accounts.  Don’t have your face pop up on a friend or family Facebook account after you’re gone, plan today.  Just sayin…

 

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A reminder worth repeating

Digital Estate Planning: More Than a Lifeline

AICPA Insights September 23, 2015

Whether you think of our connected world as a benefit or as a time waster, there’s no escaping the complex red tape associated with providing access to our digital assets after we pass away. What lives online is neither easy to access nor is it clear cut as to who can get to it.

Remember, if you don’t give specific, detailed instructions, your wishes are not likely to occur.  Just sayin…