In the last couple decades, there has been a subtle shift toward digital assets. While at first a curiosity, these online properties slowly gained in substance and popularity. From an individual’s intricately curated social media presence to a host of high-definition movies stored on a digital platform, these intangible assets can carry great value to surviving loved ones.
Common types of digital assets can include:
- Online storefronts: Many people make a healthy sum of money by selling items online. Whether it is through eBay, Facebook Marketplace or another digital platform an online storefront can become a significant investment. From the growing customer base to the time spent cultivating positive reviews, individuals see this digital asset as a tangible item.
- Online currencies: From cryptocurrency to shopper reward programs, individuals have access to numerous intangible finances. From currency such as Bitcoin to rewards such as airline miles and cash-back bonuses, these items can be worth thousands of dollars to an heir.
- Entertainment collections: In recent years, media companies have grown fond of offering digital entertainment. From movies and books to music and video games, individuals can purchase these items to be streamed directly from the cloud. Since there is no physical counterpart, individuals must name these digital items in the estate plan.
- Web content: From blogs and video-hosting to websites and social media, an individual’s online content can be valuable to his or her surviving loved ones. It is wise to include these items in the estate plan so the content does not simply go to waste.
While the first thoughts will go to large physical assets and sentimental property, an individual must look past the family home, business and vacation properties and consider the importance of digital assets. For many, these online properties can be just as valuable as their physical counterparts. It is important to ensure your estate plan is as comprehensive as possible.