Virginia Estate Planning Attorneys Giving You the Representation You Need to Manage Your Digital Assets
As they get older, many people begin planning for after they’re gone. In most instances this means ensuring money, jewelry, and other property will go to beloved friends and family members. What many people don’t consider are their digital assets. For several generations now we have lived in an increasingly digitized world. This means more and more of our lives exist online. Like our “real” lives, these online lives come with their own sets of valuables and assets in need of protection. Failure to plan accordingly for these digital inheritances could place them in limbo. This is why, in addition to making plans for your physical property, it’s also important to take digital assets into account when estate planning.
What is Estate Planning in Virginia?
Estate planning is the process of making sure all of your wishes for your personal property and your well-being will be followed when you are no longer able to make these wishes known yourself. When people think about inheritance they usually consider wills, but this can only be one crucial part of estate planning. In fact, estate planning includes a number of key factors:
- Wills
- Living Wills
- Medical Directives
- Trusts
- Power of Attorney
Wills direct how you want your assets distributed upon your death. This includes money, valuables, real estate, and other assets. A living will is a special document that gives instructions for how you want your health care handled in the event you are unable to communicate your wishes. This could include being incapacitated by a coma or stroke.
Medical directives differentiate from a living will because they involve specifically life-and-death decisions. Medical directives will include instructions such as a Do Not Recussitate order, and whether you want any organs donated in the event of your death.
A trust is a special arrangement that places certain assets in someone else’s responsibility while you are still alive. This person is called a trustee and will manage your property while you are alive and make sure it passes to the right people after you are gone. A trust protects your assets and potentially eliminates issues related to inheritance because you have already made your wishes known and assigned someone to ensure they are carried out.
Power of attorney grants someone the ability to make important decisions for you if you are incapacitated. This is similar to a living will but extends beyond medical care. Someone with power of attorney will also be able to make financial decisions on your behalf and control other matters related to your estate.
What is Digital Estate Planning in Virginia?
Digital estate planning is a newer form of estate planning that takes into account certain non-material assets. These are called Digital Assets. Digital assets can include such things as:
- · Web Accounts and Passwords
- · App Accounts and Passwords
- · Subscription Service Accounts
- · Email Addresses
- · Cryptocurrency
- · NFTs
These are all things that, while important, do not have any physical form the way money, vehicles, jewelry, or real estate do when considering an inheritance. Digital assets are a key consideration in estate planning.
Most people do not want their online presence to continue indefinitely once they are gone. You will want certain social media accounts like Twitter and Instagram either closed or passed along to someone else. Some social media services, such as Facebook, have settings which allow the account to remain semi-active under a friend or family member’s supervision. This will allow people to continue posting messages directed to you and let them feel an ongoing sense of connection, similar to visiting a gravesite. Settings such as these are usually referred to as Digital Memorials.
You may also want certain email accounts closed, and/or for final messages to be distributed to online-only acquaintances. If you are part of any online communities or message boards such as Reddit or Quora, you may similarly want a last message posted on your behalf, and/or the account shut down.
You will also want subscription accounts closed. If you are signed up for any streaming channels, digital storage, or any other services with a recurring charge, your estate may continue to be billed until they are canceled. They may also continue to receive products you have signed up to receive on a regular basis.
In the event you own any cryptocurrency or NFTs, these are also considered digital assets. Because they occupy a new and unique place in asset management, their disposal may require special handling and provisions.
These are only a few of the considerations of digital asset management. It’s entirely possible to leave behind an unmanaged digital footprint. In this event, your estate could continue to incur ongoing costs. Additionally, certain assets could remain undistributed, and some friends and acquaintances may remain unaware anything has happened to you.
How Should I Handle Digital Estate Planning in Virginia?
Estate planning has grown and evolved over time with the development of new technology such as stocks and automobiles. Digital estates are no different. An experienced attorney will be able to help you with your digital estate planning and make sure your friends and loved ones are aware what’s happened to you and that your digital assets are distributed accordingly.
If you’re currently involved in estate planning or thinking about planning your estate, contact the attorneys at Ashwell & Ashwell, PLLC today. We’re located at 21 Culpeper St, Warrenton, VA 20186, one mile West of Old Town Athletic Campus and a third of a mile South of the Warrenton DMV.
Our attorneys include a retired judge and multiple former prosecutors, all of whom have a deep understanding of the legal system. We’re all aware of different difficulties involved with estate planning and know how to help people plan for their friends’ and families’ future. We’ll make sure your digital estate is just as well cared for as your physical assets. If you or a loved one need help managing your digital assets as part of an estate plan, contact Ashell & Ashwell, PLCC today at 540-386-1277 or send us an email. We’ll make sure your digital life doesn’t go on without you.