Most people have at least a basic estate plan, a well, maybe a trust, beneficiary designations, and powers of attorney. The traditional pieces are usually there.
What is missing is everything else.
Today much of a person's life exists entirely in digital form, including financial accounts, payment platforms, photos, documents, cloud storage, loyalty points, and even smart home systems. As a recent SANS OUCH newsletter points out, when someone dies without a plan for those assets, families can face financial disruption, security risks, and the permanent loss of important data.
Digital Assets Are Real Assets
The concept of digital inheritance is no longer theoretical. It is simply the extension of Estate Planning in modern life. Digital assets can include such things as email accounts, online banking, crypto wallets, and subscription services.
The problem is that these assets are often invisible. There is no paper trail in a file cabinet. There is no physical key to hand over. Access is controlled by passwords, multi-factor authentication, and platform policies that may not recognize traditional legal authority. This creates a practical problem for families. Even if someone has the legal right to access an account, they may lack the technical ability to do so.
Continue reading this article HERE by Michael C. Maschke, Sharon D. Nelson, Esq., and John W. Simek from Sensei Enterprises.
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