Estate Planning Concerns in the Digital Age

 Posted on October 15, 2020 in Estate Planning Blog

Every day, our world becomes increasingly reliant on digital technology. In many ways, it has made life easier to manage. We can transfer money from savings to our checking accounts through our phones. We can deposit checks with the simple click of a button. We can change our investments in the blink of an eye. But, there are some blind spots when it comes to technology and the way we use it, especially when it comes to estate planning.

Overlooked Assets

One of the biggest issues with the digital era is that there are so many accounts in so many places, from social networks to music and video libraries, and even smartphone-accessible investment accounts. Sometimes, those planning to pass on their assets forget to list some of their accounts. In other instances, they simply did not understand the importance of their account. Alternatively, they may acquire the account after creating their estate plan and forget to update their plan to add it. Regardless of the reason, the end result of a forgotten account is the same: money that should have gone to one’s heirs is left on the table.

The Password Protected

Most accounts—whether they be social, personal, or financial—require that the owner set up a password to protect their account. Even when various accounts are connected, family members and estate executors must access the initial account. Unfortunately, if such individuals do not have the passwords, they are likely to experience a great deal of trouble gaining that access—so much so that the courts may not even be able to untangle the matter.

Probate Court and Online Accounts

If your estate plan does not provide the necessary account information and passwords, your executor may be forced to take the matter to probate court. This is an avenue that most people try to avoid. In fact, limiting the need for probate is one of the main benefits of creating a comprehensive estate plan in the first place. As anyone who has been through the process can attest, probate can quickly eat away at your assets and waste valuable time.

Protect Yourself with Help from a DuPage County Wills and Trusts Attorney

Are you interested in starting the process of estate planning? Do you need to make sure you leave behind all of the important details and information for your loved ones? The skilled team at A. Traub & Associates can help. With decades of combined experience, we can provide you with sound advice, effective advocacy, and creative solutions for you and your heirs. Schedule your initial consultation with one of our knowledgeable Lombard estate planning lawyers by calling 630-426-0196 today.

Sources:

https://www.thebalance.com/online-estate-planning-managing-digital-assets-4165810

https://www.fidelity.com/viewpoints/wealth-management/estate-planning-for-digital-assets