Thinking about the day our lives will come to an end is frightening, and most Texas residents put it off for as long as possible. What that means is that they put off estate planning too. In fact, as unbelievable as it may sound, over half of Americans who have children do not have a fully planned estate on file.
One of the most troublesome aspects of an unplanned estate these days involves more than just assets, child custody and probate, though. It has to do with our digital assets and the fact that relatives and heirs may find it difficult to access all of those digital assets stored in various online accounts across the Internet. One man, however, has put forward a solution that could help.
The creator of the company, Estate Assist, has developed a digital solution that could help individuals store their online passwords, digitized health records, social media accounts, bank account information and other items in one place. People who use the Estate Assist service notify their loved ones that the account has been created. In the event that the person dies, the indicated loved ones can gain access to the account by providing verification of death.
There are a number of strategies that the average Texas resident can employ to ensure that his or her digital assets are appropriately transferred. Indeed, digital assets can be addressed in estate planning documentation such as wills and trusts. Also, digital services like Estate Assist may become a vital component of estate plans in the future.
Source: TechCrunch, "Estate Assist Wants To Provide Estate Planning For The Social Media Age", Sarah Buhr, Oct. 1, 2014