Your estate plan may need to include some digital assets. But the reality is that it is complex. It depends on the type of digital assets you have, how you acquired them and what you plan to do with them moving forward.
For example, perhaps you purchased cryptocurrency. This is a digital currency that has a real-world value. You can include it in your estate plan the same way that you would include other currencies or financial assets.
That said, you may need to take additional steps. There are login credentials that will need to be provided to the beneficiary so that they can access the cryptocurrency in your electronic wallet, for example. This is different from simply leaving someone cash or the contents of a bank account that can be accessed by the estate executor.
Digital products
When it comes to digital products like books, movies, TV shows or video games, the reality is that you often cannot leave them to the next generation – even if you have spent thousands of dollars building up a valuable collection.
The problem is that you often have not purchased those products at all. Instead, you have purchased a license to use them or access them whenever you want, but that license expires when you pass away. It is different from owning a physical copy of a book or a movie, so you cannot include it in your estate plan.
Drafting your plan
Modern estate planning can become complicated, and digital assets are only growing more common. Take the time to carefully look into all of your legal options.