Digital Assets Must be Considered in Estate Planning Documents
The electronic age is adding new considerations to traditional estate planning. Just like any other asset, it's important to consider what happens to your social media – and other important electronic accounts – when you die.
Varnum Estate Planning Attorney Marilyn Lankfer was recently quoted in Michigan Lawyers Weekly regarding the importance of these types of digital assets. Lankfer related a case in which there was no reference to digital assets in the estate of a recently deceased husband, which prevented the widow from accessing accounts in which he traded stock online. "We actually had to open up a probate estate just to access the account," Lanker said.
Lankfer explains that it is now standard practice to include questions about digital assets and online accounts along with the traditional questions regarding things such as property ownership and bank accounts when working with clients on their estate plans.
See full text of the Michigan Lawyers Weekly article here- http://milawyersweekly.com/news/2013/04/22/digital-assets-passwords-accounts-files-are-concerns-for-estate-planners/