In the last few years, digital assets have received considerable attention in estate planning. There have been lawsuits filed over access to them, after someone passes away. There have also been legislative attempts to provide greater access to them for estate administrators.
Estate plans now almost have to include plans for what to do with digital assets. However, many people are still confused about what digital assets even are. There are actually four different basic categories of digital assets people might need to consider, as the Xenia Daily Gazette points out in "Estate Planning and Digital Assets," including:
- Things that exist only digitally but that have some monetary value. This can include things like domain names for websites and cryptocurrencies.
- Another category includes digital accounts that provide access to things that have value in the real world. If you access your bank account online, the information about that access is a digital asset.
- Another potential asset includes messages meant to communicate digitally with others, including emails or social media posts.
- Finally, there is another category of digital assets that includes things like photos and videos stored digitally.
Reference: Xenia Daily Gazette (May 21, 2018) "Estate Planning and Digital Assets."