Did you know you own assets, separate from your real estate and personal property known as “digital assets”? A digital asset is digitally stored content or an online account owned by an individual.
Your digital assets have personal value and in some cases significant financial value (think of bitcoin or a domain name). Like other assets, in the event of death or disability, planning for others to access these assets on your behalf, is critically important. Just as accessing a bank account that is not yours without permission, accessing on-line accounts that are not yours is against the law.
In most cases using a power of attorney paired with a consent document specifically for your digital assets is sufficient to give digital permission to others during your lifetime. Such a consent can also be paired with a will or trust to allow access upon death. Technology changes fast and the legalities of digital assets will continue to evolve, but one thing is certain, the safety of your digital assets can easily be secured by planning ahead.