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Managing digital assets in your Michigan estate plan

Living digitally means much of people’s lives exist online. Financial accounts, social media profiles, and more are part of their digital footprint. Yet, many overlook integrating these assets into their Michigan estate plans. It is important to understand why it’s essential to include digital assets in your planning.

Understanding digital assets

Digital assets include online accounts, files, and information. These range from emails and social media to cryptocurrency and digital photos. Estate planning for digital assets can be complex due to intricate terms of service and privacy policies.

Incorporating digital assets into your estate plan

Start by listing all your digital accounts and relevant information. Appoint a digital executor or give clear instructions in your will or trust. Review terms of service and privacy policies to understand what happens to your digital assets upon death.

Addressing social media accounts

After death, managing social media accounts poses challenges. Some platforms offer options for memorialization or deletion, while others require specific instructions. Designate someone to manage your accounts or specify your preferences in your estate plan.

Protecting digital assets during your lifetime

Implement security measures like strong passwords and two-factor authentication. Store important digital files securely, such as financial records and family photos. This prevents unauthorized access to your digital assets.

Understanding the unique challenges posed by digital assets can be tough. That’s precisely why you should take proactive steps to incorporate them into your estate plan. This can help ensure that your digital legacy is preserved and managed according to your wishes.