Why estate planning should include intangible assets

| Oct 30, 2019 | Estate Planning

It is not easy to know what type of legal and financial protections may be necessary for a person in the future. This is one reason why estate planning can be complicated for some Illinois adults. When drafting estate plans and getting important documents executed, a person will find it helpful to think beyond his or her money and health care wishes and also consider digital assets.

Although not a physical asset, a person’s digital life is important, and sometimes it is also quite valuable. It is important to include these types of assets when estate planning. It is beneficial to consider what steps may be necessary to fully protect online accounts and other digital aspects of a person’s life. Without including these things in an estate plan, complications for loved ones could arise in the future.

Digital assets can include things like online photos, online banking accounts, Facebook profiles, emails, blogs and more. These are intangible, but in some cases, they can hold monetary value. For many of these types of assets, it is important for a family to be able to access them for sentimental or practical reasons. Unfortunately, many Illinois adults fail to leave behind instructions for these things.

When estate planning, it makes sense to think beyond the assets a person can see, hold or place a value on. Digital assets merit consideration in any estate plan, even if they do not seem important or valuable. An assessment of a person’s digital life can reveal what steps may be necessary to preserve these assets after the death of the estate owner.