If you own digital currency, have a social media account or bank online, you have digital assets. Colorado law generally allows you to include them in a will, trust or other estate plan documents. Let’s take a look at some best practices for including these items in your overall estate plan.
Appoint a digital asset executor or trustee
If you plan on holding digital items in your estate, it may be a good idea to appoint a digital asset executor to oversee them. This person can help to ensure that a social media account is memorialized or that your blog is taken down after you pass. If your assets are held in a trust, a trustee can manage them on your behalf as soon as the document takes effect.
Keep a detailed inventory of your digital property
It can be a good idea to keep a list of usernames, passwords and other information needed to access an online account. In the event that you keep sensitive information stored on a computer or phone, be sure to let your representative know where the device is and how to access it.
Review your estate plan regularly
Ideally, you’ll review your estate plan at least once a year with the help of an estate planning attorney. Conducting regular reviews will ensure that all of your assets are accounted for and that your wishes are communicated in a clear and concise fashion. It may also be in your best interest to schedule annual estate planning conversations with your beneficiaries to ensure that they fully understand what will happen after you pass on.
Although it may be difficult to think about your own mortality, it is critical to have an estate plan in place. Doing so can help to ensure that your final wishes are carried out in a timely manner.