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Thursday, February 4, 2016

Failure to plan for your digital assets can have consequences

I've noticed that a lot of my clients say that the concept of digital assets doesn't apply to them. They insist they don't have any digital assets. But they do use Facebook and LinkedIn, and they often do their banking and shopping online. This means they do have digital assets, even if they don't think of it that way.

I've just read a really good article by Suzana Popovic-Montag, an Ontario lawyer who does quite a lot of work in the area of wills and estates, that talks about how pretty much all of us have digital assets. For example, we all use passwords on various websites. She makes the point that if we don't plan ahead to deal with these assets, our families are going to have a huge struggle with them after we pass away.

Click here to read Ms. Popovic-Montag's article.

I couldn't agree more that it's necessary to consider these assets during planning. At my office, we make available a planning workbook that individuals use to record all of their information in order to assist someone who will one day work as the individual's executor or Power of Attorney. It contains a section for recording passwords, user names, and other information needed for access. We call the workbook For My Family, With Love, and you can find out more about it by clicking here.

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