Don't Forget the Digital Assets

Here's a 21st century truth to share with clients who come to you with questions about their estate plan: Don't forget to account for digital assets. As more and more people conduct the majority of their financial transactions online, digital estate planning has become a critical part of having a secure long-term plan. And because many digital assets are password-protected, it's important that the planning is done well in advance to avoid ensure that accounts will be accessible after a loved one is gone.

Writing for USA Today, Eric McWhinnie recommends advising clients to include an enhancement in their estate plan that grants a designated fiduciary access to online accounts and data, as well as social media websites, if they hold sentimental value.

What happens to your digital assets when you're no longer around to manage them?

Left without a game plan, a lifetime's worth of online files and accounts becomes inaccessible, creating incredible stress for already bereaved family and loved ones who are left to settle an estate.