Why have a Will or Trust?
Continuing our series on why having a Will or Trust is important for you to consider. In a prior month's article we addressed the orderly transfer of assets as one of the key factors. In this article we take a look at a particular type of asset … cyber assets. You may think, "Oh this doesn't apply to me. I don't have any of those. I don't use Facebook, or Twitter. I don't author online publications or store photos …" But read on and think again.
Dying without a will is called "intestacy" and for digital assets in particular there is a phenomena called "cyber-intestacy" – i.e. dying without a will or with a will that does not specifically authorize your estate administrator access to your digital assets. As a starting line-up of some familiars, the term "digital assets" includes email, social media, cloud based accounts that store all manner of things of value to you, paid subscriptions and automatic bill-pay
Assigning authority over your digital assets is a critical component of an estate plan. If you do not have an estate plan create one that includes provisions specific to your digital assets. If you do have an estate plan take action to include them if they are missing. Without them, those automatic bill-pays and keep-till-cancelled subscription payments can continue after your death, electronic-bills can go unpaid, and loved ones may struggle to access favorite photographs and other digital mementos you'd have liked them to have.
Your Life. Your Legacy. Your Way. Confluence Law Center, serving Clackamas, Hood River, Deschutes and Multnomah Counties.
Confluence Law Center
24461 E. Welches Road, Suite 4
P.O. Box 964
Welches, OR 97067