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Digital assets an important part of estate planning and probate

Digital assets have quickly become an important part of the average Texas resident's life. Many people depend upon digital accounts for communication, social interaction, financial transactions as well as a number of other things. With this in mind, digital assets may need to be addressed throughout the estate planning and probate process.

Many individuals have decided to utilize paperless billing and account statements. There are benefits to this; however, it also makes it difficult to follow the paper trail to discover items that may need to be taken into consideration upon one's death. To avoid potential problems, the individual will want to leave a detailed listing of all digital assets. Along with this, he or she will want to identify who should be responsible for managing these digital assets, and an updated listing of all passwords and account numbers should be kept in a secure yet accessible location.

In addition to assigning someone as responsible for digital assets, one will want to review the account policies to make sure that the responsible party will be able to act according to the individual's wishes. For example, some digital accounts may be frozen upon the death of the individual. Knowing how each account will be handled ahead of time will prevent surprises later on.

Minimizing estate planning and probate problems is often the goal when the Texas resident decides that it is time to start planning for the future. One way in which to minimize such problems is by recognizing that more and more of the individual's daily life and financial transactions are conducted digitally. This may need to be included as part of the overall estate plan.

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Denton, TX 76201

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