• 23
  • January
    2012

The digital age has changed nearly every aspect of the average Floridian's life, and estate planning is no exception.

In the past, personal representatives have relied on paper records - bank statements, tax returns, business correspondence and the like - to determine what a deceased person owned and owes. Now, much of that information is stored electronically and never gets put on paper. Further, many people now have important assets that exist only in digital form.

However, most people don't think of these issues when making their estate plans. This could make it incredibly difficult for your personal representative to properly locate and distribute your assets in accordance with your wishes.

Include Electronic Assets in Your Estate Plan

The first step to preparing a digital estate plan is to take stock of all your electronic assets and records. Do you store financial information on your computer or get your bills electronically? Do you manage your business online or store important intellectual property - such as photographs, business plans, trade secrets or other documents - on your computer? Do you own any domain names or other electronic property?

Next, write down instructions that tell your personal representative how to find your electronic information after you pass. Make sure you include the location of each piece of information and any password or encryption key necessary to retrieve the files. Be sure to update this list whenever any of this information changes.

Finally, find a safe place to store this list and make sure that location is reflected in your estate planning documents. Some people prefer to store a hard copy of their list in a bank safety deposit box, while others choose to use an online service.

As with almost all areas of estate management, good planning now can make sure your final wishes are carried out. If you have questions about how to manage your digital estate, contact a Florida estate planning attorney who can help you manage your electronic property.

Source: The Seattle Times, "Digital Estate Planning Often Forgotten," Patrick Marshall, Jan. 7, 2012.