Traditionally, estate planning provides for the transfer of your assets through a will or a trust. These documents name an executor or trustee, respectively, to handle your affairs after your death, including the transfer of your assets. These documents may make a few specific bequests to named beneficiaries and then typically they leave all of the tangible personal property, real property and the rest, residue and remainder of your assets to the surviving spouse, the children or some other named beneficiary.
These traditional estate planning documents do not specifically mention digital assets, despite the fact that almost everyone now has at least some digital assets, whether they realize it or not.
This traditional estate plan formula has worked for decades to transfer the assets of a decedent down to his heirs and beneficiaries. However, in the wake of the digital age, these instructions and documents may not be enough to transfer all of your digital assets. Depending on the location of the digital asset it is likely that you will need to take additional steps during your lifetime to ensure that the digital assets of your estate make it to the beneficiaries that you choose.
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Topics: Beneficiaries, Digital Assets, Estate Planning, Personal Property
Published In: Science, Computers & Technology Updates, Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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