Digital assets are often overlooked in Tennessee estate planning. It is mainly because most people don’t perceive them the same way as physical assets. Nevertheless, they are just as important. Here are three reasons why.
1. To give access to your loved ones
You may have multiple digital assets such as email, online banking, photos, cryptocurrency or social media accounts. These are usually protected by multiple layers of security – such as passwords, two-factor authentication, etc. – that can impede even immediate family members from accessing them. However, estate planning can empower your loved ones with legal authority and enable them to access your digital assets.
2. To pass on monetary benefits
Many digital assets have real monetary value. Your cryptocurrency, online businesses, domain names or the social media accounts may be generating considerable revenue. If you don’t have an estate plan that includes them, you might deprive your loved ones of the opportunity of enjoying your digital possession and income resulting from them.
3. To protect your privacy
Your personal devices hold tons of deeply personal digital assets like photos, social media profiles, etc. Without estate planning, the standard terms of service of the device or the social media platform would eventually decide the fate of the digital content forms. But with a clear estate plan, you may be able to manage your digital footprint when you are no longer around to handle it yourself.
The necessity of a modern estate plan
In modern estate planning, including digital assets has become incredibly common and rightly so. They hold as much emotional and financial value as physical assets. That is why, now, a comprehensive estate plan includes both physical and digital world aspects of a person. With the help of a legal guide experienced in drafting estate plans, you can secure your legacy.