Planning For Digital Assets In Your Minnesota Estate: Legal Considerations

In today’s digital age, our wealth and personal legacies are increasingly tied to online and electronic assets. However, many overlook these when planning their estates. Here, we address crucial considerations for managing digital assets in Minnesota estate planning.

Keep reading to learn more about:

• How digital assets can be managed in estate planning.
• What can go wrong if you forget to plan for digital assets.
• Some estate planning solutions for digital assets in Minnesota.

What Are Digital Assets In The Eyes Of The Law?

Digital assets encompass a broad range of items associated with the internet and electronic storage. These include files stored in the cloud, social media accounts, email accounts, financial assets like cryptocurrency, and even gaming or content creator profiles. The list continues to expand as our digital footprint grows, making it essential to address these assets in your estate plan.

Why Are Digital Assets Important In Estate Planning?

Many of us have strong connections to our digital accounts, which can even form part of our identity. Social media profiles, for instance, can become spaces for friends and family to share memories or updates after one’s passing. Without a clear plan, your loved ones may face uncertainty or be unable to manage or memorialize these accounts. Whether you wish to preserve these assets, turn them into a legacy, or close them down, outlining your preferences is vital to ensuring your wishes are followed.

What Types Of Digital Assets Can I Include In My Estate Plan?

Because the concept of digital assets is still evolving, there is no definitive list of items to include in your estate plan. However, some examples are:

• Social Media Accounts: Platforms like Facebook and Instagram, which may hold sentimental value or community connections.
• Financial & Investment Accounts: Digital wallets, cryptocurrency holdings, and online trading accounts.
• Content & Creative Assets: Websites, blogs, or accounts tied to income-generating activities like YouTube or Patreon.
• Personal Digital Files: Stored data, documents, and photos.

Including clear instructions, naming a responsible person, and providing access details such as passwords are critical steps.

Attorney Kathleen Gomez is a keen estate planning lawyer in Minnesota who has helped countless clients just like you navigate the intricacies of modern estate planning. She is constantly keeping her clients and readers up to date on the latest developments in estate planning so everyone’s assets and legacies can be protected.

Are details like your digital assets accounted for in your estate plan? Contact Kathleen Gomez today to schedule an initial consultation.

What Are The Risks Of Not Planning For Digital Assets?

If you don’t plan for your digital assets, it can create unexpected problems for your loved ones. I saw this firsthand when my father passed away. He had many important accounts and pieces of information stored on his phone, and getting access to it was far more challenging than we expected. Without a plan, it took a lot of time and effort to retrieve what we needed.

When you choose someone to manage your digital assets, it’s essential to make sure they also have access to those assets. Without planning ahead, your online presence could remain active indefinitely, leaving your family unable to notify your online friends or facing legal obstacles to manage valuable digital items.

Without proper planning, your loved ones might need to go through long and costly court procedures just to access or close your accounts. Preparing now can save them unnecessary stress and ensure your digital legacy is handled according to your wishes.

How Can I Ensure My Digital Accounts Are Accessible After My Death In Minnesota?

Ensuring your digital assets are accessible involves several strategies. Many devices, like iPhones, now include options for listing legacy contacts. Additionally, incorporating access details, such as usernames and passwords, in estate documents like a will or trust can streamline this process.

Typically, estate planning attorneys include provisions authorizing your personal representative or trustee to manage your digital assets, but it’s essential to confirm this as part of your overall plan.

Are There Specific Laws In Minnesota Regarding Digital Asset Inheritance?

Yes, Minnesota has laws addressing digital asset inheritance. These regulations guide how estate planners handle digital assets to ensure legal compliance and seamless management by heirs. For most people, sitting down with a knowledgeable attorney is enough to ensure all bases are covered and that your digital assets are effectively included in your estate plan.

Still Have Questions? Ready To Get Started?

To learn more about including digital assets in your Minnesota estate plan, consider scheduling an initial consultation. Get the information and legal answers you are seeking by calling (763) 284-5552 today.