Taking Stock of Your Digital Estate
You do not need to be a cryptocurrency investor to have a digital estate. If you use social media—whether it is Instagram, Facebook, or Snapchat—you already have virtual assets.
In fact, any content that is stored in your phone, on your laptop, or in a cloud server could be considered a digital asset.
Your digital estate could include:
Even if your digital estate does not have a monetary value, you might still want your family members to take control of your virtual assets once you pass away. By assuming control of your accounts, they could moderate automated content, create a memorial post, or inherit your investments.
Digital Estate Planning Demands Modern Solutions
Louisiana law is always changing. However, legislators and policymakers are still trying to understand how digital assets can fit into traditional estate plans. This disconnect—between decades-old guidance and the realities of the present day—can present unexpected challenges for anyone trying to secure their estate.
Many social media platforms, for instance, have terms and conditions that prohibit them from handing over a user’s account details—even if the user has passed away, and their relative is trying to access an asset they are supposed to inherit. In this way, modern estate plans need to account for modern challenges.
The Different Approaches to Digital Estate Planning
Some states, like California, have already introduced and enacted digital estate laws.
While Louisiana is still developing more legislation, residents of the Bayou State still have options. The two most fundamental approaches to digital estate planning are:
Both the Inventory Model and Trust Model have distinct advantages and disadvantages. Many Louisianans with complex digital estates may need professional assistance in creating a succession plan that accounts for the intricacies of virtual property—from protecting the keys to a cryptocurrency wallet to understanding how platform terms of service could affect transfers of ownership.
Contact Us Today
Estate plans are supposed to be comprehensive. If you are trying to create an estate plan from scratch or have not yet accounted for digital assets in your existing will or trust, you—and your loved ones—could reap significant financial rewards by taking your first steps to protect your digital estate.
However, the complexity of Louisiana’s existing laws can make digital estate planning difficult. To ensure your legacy remains safe, consult an attorney who has the experience you need to keep both your physical and digital assets safe. Send us a message online to schedule your consultation today.