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Lombard estate planning lawyersIf you have started the process of planning for your family’s future through a comprehensive estate plan, you have probably considered where many of your possessions will go. Perhaps your car will be gifted to a grandchild, while your home will be sold and the proceeds split between your children.

When deciding what will happen to physical property, many otherwise-dutiful estate planners forget about their digital assets. Have you considered what should happen to your personal documents and data stored online after you pass away? What about your social media accounts? The world is becoming more and more digitized with each passing day, and it is important we account for this in estate plans.

What Exactly Is Considered a Digital Asset?

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Lombard estate planning lawyersIf you have taken the time to create a will or any other instrument of estate planning, you are already better off than more than half of American adults. When drafting a will, most people consider most of their physical belongings along with investments or savings kept in the bank or at other financial institutions. Digital assets, however, often go overlooked, as many people do not even remember that they exist when they sit down to develop their estate plans. Some may not even know what digital assets are.

What Are Digital Assets?

Do you have a library of e-books from Amazon? What about a collection of songs from iTunes or apps from Google Play? These are some of the most common examples of digital assets. With the advancement of online technology, there are more types of digital assets today than ever before. In addition to e-books, programs, and music, digital assets also include pictures, data, visual designs, artwork, and online accounts for gaming, entertainment, and social media. If you have even one these types of assets—and since you are reading a blog right now, you probably do—it is important to develop a plan for dealing with them after your death.

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DuPage County estate planning attorneyWhen most people think about estate planning, their minds immediately turn toward dividing the tangible assets of a recently deceased person among his family members and loved ones. Such a concept is not inaccurate, but it does not really tell the whole story. Traditional assets like homes, cars, cash savings, and furniture, of course, must be accounted for in your estate plan, but what about considerations made possible by modern technology like digital downloads and your Facebook account? An experienced estate planning lawyer can help you address such concerns so that your privacy is fully protected along the way.

Digital Assets

If you use your computer, tablet, or mobile phone with any regularity, chances are good that you have at least digital assets. These may include songs and movies downloaded through iTunes, funds left in a PayPal account, or scanned financial documents electronically stored on your computer. With internet security becoming such a hot-button issue, it can be difficult for a family member—presuming that he or she knows about the asset in the first place—to log in, make changes, or delete the account.

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