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Estate planning is for more than just physical assets

On Behalf of | Jul 17, 2021 | Estate Planning

  • When one considers what is necessary to plan for the future, he or she may think about what will happen with health care decisions, assets and money. In reality, estate planning should include considerations that go beyond physical assets. Most people will also benefit from considering what will happen to digital assets and online lives as well. Protecting one’s online life should also be a priority.  

Long-term planning strategies 

One does not need cryptocurrency, complex assets or other types of wealth to benefit from implementing estate planning strategies for his or her digital life. This is a prudent course of action for virtually every adult. Consider the following about estate planning for nontangible assets: 

  • It is important to plan for the preservation of online memories, such as photo accounts.  
  • An effective estate plan can also include steps for stopping subscriptions, closing accounts and other measures. 
  • Without planning, heirs could be locked out of cryptocurrency accounts. 
  • An estate plan should also include passwords for social media accounts. 

A person’s digital life is important and worth protecting. It is prudent to include instructions and plans for even the intangible things one may want to control after his or her death. 

Thorough planning brings peace of mind 

Planning for the future is for everyone. It may be helpful to speak with a Maryland estate planning attorney in order to understand what steps would be prudent in the individual situation. An assessment of one’s estate and online life can provide clarity regarding how to shield online lives as well as physical assets after death.