Protecting Your Digital Assets In 2023 With Your Estate Plan

protecting-your-digital-assets-in-2023-with-your-estate-plan Protecting Your Digital Assets In 2023 With Your Estate Plan

Are you protecting your digital assets in 2023 with your estate plan? Were you aware of the necessity of doing this? Data security is in the headlines, and digital privacy continues to be a hot topic. So how do you protect them? You can protect your digital assets by including them in your Florida estate planning. Planning for the future should include securing your digital assets and this can be accomplished with estate planning. 

We have two important recommendations that may help you understand how to include digital assets in your Florida estate plan while keeping them secure in the meantime. We also recommend discussing your digital assets with your Florida estate planning attorney.

The first recommendation in protecting the security of your digital assets is securing and preserving your passwords. We know it is a challenge to keep track of all of the different passwords you use to access your different accounts on a frequent basis. One way would be to make a written list of all your passwords and keep it in a locked desk drawer or safe deposit box. It should be kept where you can access it frequently in order to make updates to your list. Be sure to choose passwords that are strong and not easily guessed. We recommend changing your passwords often, even if only once a year. Be watchful when checking on your digital assets to be sure your passwords have not been compromised. If they have, update them immediately.

The second recommendation is to have your digital assets part of your estate plan. Your qualified Florida estate planning attorney can help you. He will know of digital assets that are financial, like a digital Paypal, Venmo, or bitcoin account. He will also know of other digital assets that are sentimental, like a collection of photographs or videos of your children and grandchildren. Be mindful, when you pass away someone needs to be able to access these assets.  Therefore, you should pick a “password person” who can be trusted with your password information and keep this person informed of where you keep your password list so he or she can access it when the time comes. You may also wish to detail who should have access to your digital assets when you write your will, or leave your personal representative instructions with respect to your passwords.

We know this article may raise more questions than it answers.  No matter where you are in life’s journey, we can help. The most important thing is to protect yourself and those you love.  Whether you need to update your estate plan, are preparing for future long-term care needs, or have a loved one entering or already in a nursing home, we are ready to assist you. We have three convenient locations and are ready to serve the communities around Highlands and Polk County, Florida. Take your first step by contacting us today.

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