The Do's & Don'ts for Including Digital Assets in Your Will
Do you know how to include digital funds, music, or memoirs in a will? An experienced estate planning attorney at Ng & Niebling in Honolulu, HI, helps clients pass their digital assets to family and friends. Whether it’s a Bitcoin™ wallet or an MP3 collection on your Mac™, here are tips for leaving intangible items to loved ones.
Do:
Leave written permission for executor access.
The executor of your will needs written permission to access digital files, including digital wallets. Executors may need access for functions such as paying bills, estate debts, or distributing property to comply with your wishes.
State in writing what you want done.
Estate planning attorneys suggest creating a plan for digital assets. For example, if you have Bitcoin, PayPal™ account funds, or a collection of MP3s on the computer, you should provide detailed written instructions including log-in information in a letter stating what to do with them. This information is important whether the assets pass through the will or not.
Don’t:
List usernames or passwords in your will.
A will becomes a public record when it’s offered for probate. Putting passwords or usernames in wills opens the possibility of theft of assets and identity or other cybercrimes. Leave the information in a separate document with your executor.
Forget what assets you have.
Keep a running list of your digital assets and update the will periodically with an estate planning attorney. Items such as digital photo albums or your electronic draft manuscript for a novel or memoir count as digital assets you may want to pass along.
For drafting or updating a will to add digital assets, or preparing other estate planning documents, such as power of attorney or living wills, contact Ng & Niebling in Honolulu, HI. Allow these compassionate and experienced estate planning attorneys to advise you in making wise decisions, protecting your interests and giving you peace of mind. Learn more about the firm now by visiting them online. To schedule an attorney consultation, call (808) 732-7788.
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