Investment Updates
5 Steps To Protect The Digital Assets You Own
Published Tuesday, February 11, 2014 at: 7:00 AM EST
We’re living in a digital world. Nowadays, those important papers that you used to stash in a file cabinet or a safe deposit box often are created and stored electronically. That can remove some of the clutter of having lots of paper around, and it also may be good for the environment. Plus, it gives you easier access to information you need. But advanced technology also may result in problems you may not have considered.
Your heirs could face particularly thorny issues. What will happen to all of your electronic documents and files when you die? Who will have access to them? How will family members be able to find your user names and passwords? What about your photos and music? Will your social media accounts live on forever or will someone take them down? What about bills and insurance premiums you’ve been paying online? How about information that you want to remain confidential? Those and many other similar questions need to be addressed.
There also could be problems in other situations. Suppose you’re severely incapacitated and your oldest child starts to handle your financial affairs online. As far as the financial institutions are concerned, you’re still the person logging onto the account and making the transactions. Is it legal for your child to step in if a financial institution doesn’t have a durable power of attorney on file? Are there any other restrictions?
© 2024 Advisor Products Inc. All Rights Reserved.
More articles
- Spelling Out Rules For DINGs, WINGs, And NINGs
- Seven Steps To Digging Your Way Out Of Deep Debt
- Do You Know The Basics Of 401(k) Retirement Plans?
- Five Ways To Plan Smarter And For The Long Haul
- Build On The Four Key Tax Pillars Of Real Estate
- Reminders On Your Beneficiary Choices
- What To Do When You're Suddenly Widowed
- 4 Steps To Creating A Dynamic Business Budget
- Can An Underfunded Small Business Startup Be Successful?
- It's Tough To Decide If You Should Retire Early
- The Bypass Trust: Not Pronounced Dead Quite Yet
- For Charitable Trusts, The Tax Icing On The Cake
- SLATs Fit Through The Cracks In Estate Plans
- The 3.8% Surtax Means You Need A 10-Year Tax Plan
- NING Trusts: Better Than They Sound