Manage the estate’s digital assets
Managing “digital assets” has become an important part of estate settlement.
What are “digital assets?” They can be anything from a facebook account or an online checking account to email accounts or photos from a phone stored in a cloud.
Some have true economic value or ongoing costs if not cancelled, so ignoring this area can have financial and legal risk to you as an executor. Other digital assets have no economic value — but are truly priceless. This could be a photo you’ve never seen or a sentimental email to a friend. And, candidly, there can be digital assets that the will writer finds very personal in nature and does not want to be shared broadly. All of these assets should be managed by the executor of the estate.
Here are some common digital assets:
- Facebook account
- Netflix account
- Photo storage in the cloud
- Instagram accounts
- Email accounts
- Other online subscriptions
There are different approaches to managing digital assets if the will writer is living versus passed, and there are a broad range of digital assets today. To be as helpful to you as possible in this area, we’ve partnered with a firm that helps will writers and executors manage this important component of an estate.
If you’re the will writer, you can set up your executor as a deputy and make sure things are managed based on your wishes. If you’re the executor and the will writer has passed, there are steps you can take to find and manage assets.
One simple example is memorializing a facebook account. Remember how facebook reminds you to wish friends a happy birthday each year? This can be both awkward and sad when it happens nine months after someone has passed. Memorializing the account helps keep the will writer’s memories alive, and does so in a tasteful and appropriate way.
Because of the complexity of dealing with the broad range of digital assets that people own, we’ve partnered with an expert on this to help our users. GoodTrust offers a free Facebook memorialization or $50 discount to manage other accounts and ensure all of your digital memories are preserved and managed according to your wishes. Just use the code EXECUTOR when you sign up. Click here to learn more about digital assets, how to manage them, and to take advantage of this opportunity.
