Author: Linda Brown-Price
Planning Unit: Administration - Cooperative Extension Service
Major Program: Financial Education - General
Plan of Work: Securing Financial Stability, Estate Planning, Real Skills for Everyday Life
Outcome: Initial Outcome
In this age of technology, estate planning has become more complicated. With email, online banking, and social media there is more information online called digital assets that must be included in the estate plan. To increase the safety and security of information a digital estate plan should be created.
Digital assets are items individuals own such as (personal and business websites, art, music, writing, cryptocurrency, etc. and digital information email, social media, and banking accounts) that exist on digital devices such as computers, tablets, and smartphones. Most states have passed laws that give a person's family or executor the right to access and manage digital assets, information, and devices, after the person dies Important also is that someone is able to access and manage digital assets before death. Especially in the case of a medical crisis or incapacitation (Alzheimer’s disease).
A virtual training , utilizing the Zoom platform was used to address assistance in Preparing your Digital Estate. Ttwo Zoom classes were held with 35 individuals in attendance from Kenton and Boone Counties. Individuals were asked if they knew what their digital assets were and if family members knew the location of passwords. May were surprised at how many assets they had acquired. Discussion included : how to securely safeguard passwords, select a digital executor, and formulate a written plan on beneficiaries, how to dispose of items, determine value, and for ongoing assets who will receive the revenue.
A follow-up written survey will be sent to participants to document steps taken and changes made.