Estate planning needs have changed a lot over the years. Today, passing on the keywords to online accounts can be more important than making sure your Pennsylvania heirs know the combination to your safe deposit box. If you have valuable digital assets, you’ll want to make sure that they’re accounted for in your estate plan.
Online business accounts
Some very successful businesses exist solely online. For example, you might run a print-on-demand t-shirt business or a dropshipping business that brings in a good chunk of money each month.
You don’t have to let your online businesses disappear after you die. In fact, an online business could be a valuable asset to pass on in your will. During the estate planning process, you can create a plan to keep your online businesses running smoothly while they are being transferred to your heirs. After your death, your heirs may need immediate access to:
• Passwords to your web hosting platforms
• Passwords to your PayPal accounts
• Customer data
Do you remember all of the people that kicked themselves for losing the passwords to their Bitcoin wallets when BTC skyrocketed in value? If you own cryptocurrencies, you should make sure that your estate plan includes instructions for accessing them. Otherwise, your heirs could inherit a fortune of digital assets that they never actually get to enjoy.
Social media, photos, and blogs
Some digital assets have more sentimental value than financial value. If you have thousands of photos stored in a cloud or a decade’s worth of social media or blog posts, these things will become very important to your family after you’re gone. While making your estate plan, you should take steps to make sure your heirs will have access to these types of assets that you can’t put a price tag on.