Elder Planning Isn't Just For The Elderly

Should your digital assets have a place in your will?

On Behalf of | Aug 20, 2022 | Estate Planning

If you are a tech-savvy millennial, you probably have countless digital assets. These may include your social media accounts, digital music library and even some of your intellectual property. If you want to have some say about what happens to these assets in the event of your death, you should probably write a will as soon as possible.

According to Everplans, the value of the average American’s digital assets are worth roughly $55,000. Even if your digital portfolio is not quite so robust, you want your heirs to receive the full benefit of it. While your will likely can address certain digital assets, it probably cannot cover every digital asset to which you have some ownership claim.

Digital assets to include in your will

Generally, your will can include any digital assets you actually own, including the following:

  • Funds in online accounts, such as PayPal
  • Money you have earned through online sales, like your Etsy store
  • Cryptocurrency
  • Digital music, photographs and intellectual property on your electronic devices
  • Accrued rewards points, such as frequent flyer miles

Assets that likely do not belong in your will

Even though you have other digital possessions that may seem like assets, things that are not truly yours probably do not belong in your will. For example, you probably cannot pass along your PrimeVideo subscription to your heirs. The same may be true for your website or e-mail address.

It can be difficult to distinguish between digital assets that belong in your will and ones that do not. Ultimately, to ensure you fully protect everything that is protectable, it is advisable to discuss your estate planning goals with an attorney who has experience with digital assets.

Archives

FindLaw Network