SAN ANTONIO – Technology has changed rapidly in the past 20 years with the introduction of new digital products. And as time moves on, we accumulate more and more digital assets on our phones, computers or tablets.
Planning your estate isn't the most fun thing ever, but it's something you must do in order to make sure your possessions end up in the right hands after you die. The same goes for virtual valuables, such as the funds in your PayPal or Venmo accounts or your downloadable IRS tax forms.
The Consumer Financial Protection Bureau is offering tips to help you create a digital asset plan.
First, take inventory of your digital valuables and be descriptive for each asset you record. Make sure to note which ones will go to named beneficiaries and which ones you would like to give to someone else.
Next, write down website addresses, usernames, passwords, PINs or any other sensitive information you use to log into accounts and store them in a secure location. You can put the document in a fireproof safe or use a paid password management system.
The CFPB says you should consider including information about your digital assets in your will since website terms and conditions vary. This means it may not be enough to just give your loved one your digital asset information. Contact your attorney for advice on how to do this.
If you don't have a will, the CFPB says you should consider creating one and include instructions for what to do with your digital assets.
You can give someone you know access to your assets now or at some point in the future so they can retrieve them if you die or become incapacitated.
For more information from the CFPB, click here.
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