In addition to the changes in digital assets, there have been changes to how you access your accounts. First, there was a minimum number of letters, then there needed to be a number; now the recommendation is to use a phrase instead of a word.
The idea of digital assets still seems abstract. It can be something you purchase or something you create. Until it is printed or saved somewhere other than the cloud, you cannot touch it; yet, it has value and may need a place in your estate plan.
Just like any other person involved in your estate plan, the person you choose to oversee your digital assets should be someone you trust. Whether you only have a handful of accounts or a vast array of digital assets, you need someone in charge of taking care of your digital presence.
Not that long ago, when it was time to consider your estate plan, you only had to worry about assets you could touch. While some of your assets may have been in various accounts, those holdings still stood for a tangible amount of dollars that you could withdraw if you wanted.
You’ve spent your life working hard and buying assets. While you may be aware that you will have to leave them behind after you pass away, it is essential to think about what will happen to those assets, even if you do not have children.
It is never fun to sit down and think about the fact one day you will pass away. However, that is precisely what you need to do when you create a will. Unfortunately, many Americans forego a will because they either forget to do so or do not want to have difficult conversations. Reports suggest less than half of American adults actually have some kind of will.
Many times, heirs feel as if they should have gotten more from their parents' or relatives' will, or they feel like a sibling got too much. If you think one of your siblings or relatives might make this complaint against you, it is important to take preventative steps to stave off claims of undue influence especially if you are helping your parents with their will.