On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | October 11, 2023 | Estate Administration & Probate
Failing to include Digital Assets and Online Accounts Can Delay Probate
It’s easy to overlook certain assets when preparing an estate plan, especially online accounts and digital assets. To further complicate matters, too many of such assets never provide notice via regular mail, and the only proof of their existence is digital, such that your loved ones might never be aware of them. From assets with financial values, like online brokerage and cryptocurrency accounts, to items with sentimental values, like pictures, a majority of our most important items are held digitally. But how could your loved ones access these items at your death?
Having an inventory of one’s valuables – including online assets – is essential. his inventory should include a list of one’s online accounts, subscriptions, and memberships including passwords, account numbers, etc. (Security precautions should be taken so only trusted individuals, like your successor trustee, can access the information.) This information serves two primary purposes:
- Making your loved ones aware of your assets
- Providing them with the information needed to access these accounts without a court order.
It’s easy to forget certain steps when creating an estate plan. Therefore, it’s a good idea to speak to an experienced attorney in this area to make certain that everything is covered. These attorneys can assist in the preparation of a variety of legal documents that could make the entire estate planning process go more smoothly.
