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Technological Assets in Your Estate Plan

[fa icon="clock-o"] Feb 5, 2019 9:00:00 AM [fa icon="user"] The MacMillan Estate Planning Team [fa icon="folder-open'] Estate Planning, digital assets, technological assets


The property in your estate can take many forms, from cash and family heirlooms to real estate, company shares, and more. However, there’s a type of property that has become increasingly meaningful in the digital age: technological assets. How do they factor into your estate plan?

Types of Technological Assets

In today’s modern world, our lives have become intertwined with technology on countless levels. Online banking profiles, cloud storage, social media accounts, cryptocurrency portfolios, and web-based portals for managing utility bills or medical information are only a few of many examples. The contents of our hard drives are also key to bear in mind, as they can be particularly sensitive with regards to privacy. These must be accounted for in the development of your plan.

In Your Estate Documents

It’s one thing to know a technological asset when you see it, but your top priority should be to factor it into your estate plan in the right ways. In both your will and power of attorney, it’s essential to consider your technological assets and what your provisions are regarding their maintenance, disposal, or bequest. When it comes to your digital assets in particular, remember that your executor or agent will need login credentials in order to carry out your wishes. Your estate planner can assist you in managing this information that is fully secure and up-to-date at all times.

Why It Matters

Without clear instructions pertaining to technological property, including an organized cache of passwords and other necessities, serious difficulties can arise in the settling of your estate. Highly valuable assets may be rendered inaccessible, executors may not have the means or authority to manage online accounts and profiles, and you may even fall victim to posthumous identity theft. Information security and privacy are important not only during our lifetimes, but also after death. Work with your family office to properly integrate your technological assets — and your wishes concerning them — into the structure of your estate plan.

No matter what aspect of estate planning you need help with, the specialists at MacMillan will provide all of the tools and answers you need. We’re the kind of family office you can always trust to be there for you. Our team offers free consultations, so contact us to arrange yours.

At MacMillan Estate Planning, our team of professional trust and estate practitioners, chartered accountants, financial planners, and legal professionals look forward to assisting you with the design of your estate plan and will ensure you build, protect, and enjoy your wealth. The information provided is general and may not be suited to your objectives or sufficient to ensure the protection of you and your family. You should not act on this information without providing MacMillan Estate Planning with the opportunity to ensure that it is suitable for your unique situation.

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