Taking the time to develop an estate plan is important no matter one's age. While some like to put this off until later in life, it is often stressed that individuals understand what an estate plan can do, the different documents that make up an estate plan and the importance of keep them up-to-date. Take for an example a will. This document is crucial when it comes to designating the heirs and beneficiaries that obtain one's property and assets following his or her death.
Having an out-of-date will could be problematic; however, a recent report suggests that this could be due to social media. Living in a digital world means that the more traditional assets are no longer tangible. In other words, they are moving online.
Digital assets have some unique challenges when compared to physical assets. For starters, they can be more difficult to find, they can be difficult to access and ownership rights are not as clear. Thus, if digital assets are deemed important, it is vital that these assets are addressed in a will. This could be something as simple as a blog, but if information regarding this blog are not shared, the value of this digital asset will be lost.
Whether it is because there is monetary value attached, sentimental value or poses a risk for theft or abuse, it is important to establish what is necessary to include in an estate plan, ensuring that wills and other documents are continually updated to clearly represent the assets a person currently has.