What role do digital assets play in estate planning?

On Behalf of | Aug 4, 2020 | Probate And Estate Administration

While there was a time in which most individuals in Nevada and elsewhere stored many of their important documents in filing cabinets or safes, such a practice is no longer so common. Today, most individuals take to online outlets to store valuable documents and assets and while this may seem secure at the time, what happens to these assets after a person passes on? Understanding the nature of digital assets and how to include them in estate planning goals could prove vital to safeguarding one’s future.

Digital assets can come in a variety of forms, ranging anywhere from credit card rewards and airline miles to photo albums and digital memorabilia. While some of these assets may hold significant financial value, others may involve more of a sentimental worth and in either case, one may consider digital assets invaluable. However, ownership of these assets might not always be immediately apparent, as items that are stored online may often be entrusted to custodians.

Digital assets might not be treated the same as physical possessions with regard to property laws. As such, taking care to include digital assets in one’s estate plan could be vital to limiting confusion and protecting one’s interests. As it might not be uncommon for a person to have numerous digital assets, the value of taking steps to safeguard these assets cannot be understated.

While a person may wish to take every possible measure to protect digital assets, knowing how to achieve this estate planning goal can be a complex matter. Those who encounter similar concerns and wish to know more about all their available options could find it helpful to retain the services of an attorney for assistance in navigating the process. An attorney can work with a client in Nevada in creating an estate plan that addresses and includes every crucial factor, including his or her digital possessions.