In the modern digital era, we often store our most treasured belongings in the form of digital files and online accounts. These may include family photos and meaningful personal and business communications, among other things. However, what happens to all of this digital property when you pass away?
What Are Digital Assets?
A digital asset is anything that exists only in digital form and comes with unique usage rights or permission for use. Digital assets include things such as:
- Email accounts
- Social medial accounts
- Domain names
- Cloud storage accounts
- Online shopping accounts
- Gaming accounts
- Utility accounts
- Subscription services
When your loved ones try to seek access to these digital accounts after you pass away, they may be denied your login information. In some instances, the online service providers may even proceed to delete or deactivate the accounts, and your loved ones can lose access to your digital property forever.
Challenges Surrounding Digital Estate Planning in Louisiana
Unfortunately, securing digital assets in Louisiana is challenging. This is due to several factors, including the following:
- State Laws: The laws in Louisiana regarding digital assets will vary depending on the service provider and the type of assets involved.
- Control Problems: In general, access to digital assets is usually restricted to the account owner. As a result, trying to access or manage these assets can be difficult without login credentials.
- Privacy Problems: Digital assets often contain sensitive personal information that will need to be protected even once the owner of the digital assets has passed away.
Keep Your Digital Assets Safe In Louisiana
If you want to ensure your digital assets are protected and distributed according to your wishes, consider the following strategies:
- Create an inventory of all your digital assets, such as your electronic devices, online accounts, and other digital assets.
- Designate an individual to be your digital executor to ensure your digital assets are managed according to your wishes.
- Create a Last Will and Testament and include digital asset provisions in your Will to ensure these assets are managed correctly.
- Keep your access credentials secure to ensure your digital assets can be accessed and managed after you pass away.
- Regularly review and update your estate plan to ensure your digital assets are secure and distributed to the individuals you want. Try to review this plan at least once a year or when a significant life event happens.
However, to better understand your options when it comes to keeping your digital assets safe in Louisiana, consider speaking to an experienced Louisiana estate planning attorney as soon as possible. These legal professionals can ensure that your digital assets are protected, and a plan is set in place to make sure these assets pass on to your loved ones.
Contact Losavio & DeJean, LLC Today To Go Over Your Digital Asset Plan
If you want to know more about keeping your digital assets safe or want further details about estate planning in Louisiana, contact Losavio & DeJean, LLC today or call us at 844.779.2551.