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Did you include intangible assets in your estate plan?

Thinking about the future can be a difficult thing to do. After all, how can you know what types of protections you may need in the future? It's not easy to think about what will happen to your stuff after you pass away or what types of medical care you may want down the road, but it's worthwhile to do so.

Even if you are not wealthy or you think you may be too young to benefit from an estate plan, there is always a reason to plan ahead. This will give you peace of mind for the future and knowledge that you will get the final say over what happens to your money and assets. When you start out on this process, you would be wise not to overlook the need to consider intangible assets in your estate plan as well.

Intangible, but still valuable

People now often store and display a large part of their lives and information online. This means that you have important information or types of property that you may need to account for in your estate plan, even if you can't touch it or it has no apparent monetary value. Some of the digital assets and types of things you should consider as you are making your plans include the following: 

  • Photos stored on sharing sites online
  • Facebook and other social medial profiles
  • Online banking and credit card accounts
  • Online blogs or journals

These are a few examples of the things you may need to address. If you do not include them in your estate plan, it could prove quite difficult for your family to access certain things for practical or sentimental purposes. For example, your loved ones may want to change your Facebook profile or get to your pictures, which may be impossible if they do not have your password or legal permission to access it.

Online accounts of all kinds typically have strict privacy policies and terms of use, making it difficult to get help with logging in and securing certain information if the account holder passes away. You will want your family to be able to access your bank accounts, as well as protect your privacy if you unexpectedly pass.

Where should you start?

It can be helpful to start with a complete assessment of your case. This can help you understand what types of digital assets you may need to include in your estate plan. These are important matters that could impact your Texas family, and you want to have the full amount of protection and privacy necessary to look to your future with confidence.

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