A holistic estate plan includes not just your physical property, such as your collections, jewelry, art, homes and more, but also your digital assets. Digital assets is a broad term that incorporates most of your electronic communications and digital property. This can include the following:
- Email accounts
- Storage devices
- Laptop computers
- Professional sites
- Online store accounts
- Domain name services
- Social media accounts
- Software licenses
A digital asset inventory is extremely helpful for getting an idea of all that you own. Many people’s digital lives have become increasingly complex due to the proliferation of personal and professional things that can be handled through online accounts. If you have cryptocurrency and NFTs, you’ll also want to ensure that separate secure recordings of the keys can be accessed after you pass away.
Even if you don’t have advanced digital assets like NFTs or crypto, there’s still a need to document your basic accounts. It will make things so much easier for your Michigan executor or other family members to take care of these important details when you’ve done your homework in advance.
You may also want to use password protection managers to ensure that someone has access to all of these accounts in an organized fashion. Important details related to your estate should not be stored in your digital accounts because your family members may not be able to easily access these immediately after you pass away.
For a full estate plan, including both your traditional and your digital assets, work with a Michigan estate planning attorney to inventory your assets.