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?
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.
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.
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.