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Addressing digital assets in an estate plan

On Behalf of | Jul 30, 2022 | Estate Planning And Probate Law |

Planning for what will happen to one’s assets and property after passing can be a complex process that involves consideration of sensitive matters. While planning for the distribution of physical property, emergency medical care and other estate concerns, it is possible a Texas adult will overlook the importance of also addressing digital assets in his or her plan.

Cleaning up an electronic mess

Failure to include terms that address digital assets can cause significant issues for those who are trying to settle an estate. While there are laws that allow the executor of an estate to access and manage certain things, such as computer files and digital currency, there are certain things an executor may not be able to access. This includes social media accounts and email.

In a will, it is important to clearly establish who should access and manage all personal accounts when it is time to settle the estate. A Texas adult can also establish his or her wishes regarding closing accounts, shutting off automatic payments and more. These instructions can minimize confusion and complications for loved ones left behind.

A carefully constructed estate plan

Each estate plan is different. When creating a plan that clearly addresses all assets, this should also include digital assets. An assessment of a person’s objectives for after his or her passing, estate details and types of digital assets he or she owns will provide insight regarding how to create a plan that will provide the security one needs to view the future with confidence.