These days, most people spend a substantial portion of their lives online, using social media to keep in touch with loved ones and banking apps to keep track of finances. Unfortunately, unless you give those you trust access to these digital assets, they might be inaccessible if you pass away. Here’s what you should know about including digital media, passwords, and other important assets in your will.

What Are Digital Assets?

The term “digital assets” covers a wide range of intangible property, from your social media photo collection to domain names and websites. Bitcoin and other cryptocurrencies, money kept in Paypal®, and balances of seller accounts also fall in this category. If you maintain a blog or active social media presence, that content can also be counted among your digital assets.

Can Digital Assets Be Passed Down?

While many types of digital assets can be left to loved ones in the will, each situation is different. For instance, the terms of use of most email providers and social media platforms forbid anyone but the original user to manage an account. You also can’t bequeath licensed content, like domain names or software packages, since you don’t actually own them.

What Should You Include in Your Will?

In general, whatever you own can be transferred in a will, so be sure to describe what you want to be done with social media accounts and financial balances. Compile a list of usernames and passwords so that the executor can access your computer, cloud storage media, and other content.

However, passwords may change often and wills can take months to process, so it’s best not to include this list in the estate planning documents. Instead, keep the passwords in a separate document and ensure someone knows how the executor can find it.

Estate planning can be a difficult, complex process, which is why clients throughout Pennsylvania’s West Moreland, Allegheny, and Armstrong counties rely on the Law Offices of Robert B. Liotta, Esq. With over 20 years of experience, this law firm will help clarify your wishes and ensure your documents include all of your most important assets. Visit their website for more on their estate planning services, or call (724) 334-9870 to arrange your initial consultation.