If you haven’t properly accounted for these things, your heirs may not be able to access these assets when you’re gone.
One of life’s greatest problems is the password. I’m talking about computer passwords. Years ago, I used the same password for everything: “password1.” Yeah, I also thought it was pretty creative at the time. I had a friend whose name was Forrest who used the password “1Forrest1.″ Now that was creative.
Digital assets defined Digital assets, like tangible assets, may have significant value. And at the time of your death, you’ll be deemed to have sold any capital property you own, at fair market value – including digital assets. If those assets have appreciated in value, the gain could be taxable at the time of your death.
Digital asset challenges Even if your executor has a list of your digital assets, this doesn’t mean those assets can be accessed when you’re gone. Your online photos and videos could be inaccessible forever, your social media accounts might stay online indefinitely, and your heirs might not receive money or other valuable assets that you intended for them to have.
As an aside, for assets other than cryptocurrencies and NFTs, it makes sense to use a password manager app such as 1Password, LastPass, Dashlane or something similar. If your executor or family has the master password for that app when you’re gone, they’ll have access to all your passwords. 2. Back up your digital assets. Make sure that all your online documents, data and assets are backed up to the cloud . But it also makes sense to store these on a local computer or storage device so your family can access these with fewer obstacles.
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