Mistakes To Avoid When Drafting Your Digital Estate Plan
Traditionally, people included common types of assets, such as their home or vehicle, in their estate plans. Although these assets still appear in estate plans today, more and more are also including digital assets. People often have more digital assets than they think. Whether it is a cryptocurrency wallet or social media profiles, these are all property that you should include in your estate plan.
When including digital assets in your estate plan, it is important to ensure your plan serves its intended purpose. To do this, there are common mistakes you should avoid. Below, our St. Petersburg estate planning attorney outlines some of the biggest mistakes to avoid.
Improper Password Management
If you do not properly manage your passwords, it can make it more difficult for loved ones to access the assets, impeding your estate plan from being properly executed. Frustration and long delays are two consequences of improper password management, but it can also create legal obstacles. To avoid this, use a password manager that allows you to store and organize your login details for each account. Make sure your personal representative or trustee can access this information if necessary.
Not Updating Your Plan
Just as it is important to update traditional estate plans, it is even more important to regularly update your digital assets in your plan. It is recommended that online users change their passwords every few months to keep their accounts and profiles secure.
Every time a password is changed, a different username is created, or digital assets are acquired or discarded, your estate plan should be revised accordingly. Just like other types of property, you may also want to review and update your digital assets after any major life event. Create a schedule to review your estate plan every few months, with a keen eye on your digital assets and the information pertaining to them.
Not Using Online Legacy Tools
Many online websites such as Apple, Facebook, and Google have legacy tools that allow another person to access your accounts after you pass away. Unfortunately, not everyone is aware of these tools or thinks to use them. This is a mistake that can create delays and confusion in the future.
If you do utilize legacy tools, it is important that the person you select aligns with any provisions in your will. Otherwise, you may not help your loved ones avoid the delays you were aiming to.
Our Estate Planning Attorney in St. Petersburg Can Help You Draft a Comprehensive Plan
Although there have always been many important considerations when creating your estate plan, today there are even more. This is just one reason it is so important to speak to a St. Petersburg estate planning attorney. At Legacy Protection Lawyers, LLP, our experienced attorneys can help you identify your goals and create a plan that reflects your wishes. Call us today at 727-471-5868 or fill out our online form to request a consultation and to learn more about how we can help with all of your estate planning needs.
Source:
flsenate.gov/laws/statutes/2000/732.2025
