The rise of the digital age makes estate planning all the more important, because there are new concerns and safeguards you should consider. Many records, memories, and assets are stored somewhere in the cloud and protected by passwords. If you were to pass away, your family might not even be aware of these assets, much less able to access them.
A study from McAfee indicates that the average consumer has over $37,000 in digital assets across several devices. What is a digital asset? This can include personal information, entertainment files, career records, and photo libraries, more and more of which are being stored online behind a password. The study had each individual assign an estimate to their digital assets, although nearly one-third of survey respondents indicated they did not use any kind of security protection at all.
Digital assets are now also frequently stored on smartphones and tablets, making threats of attack on these devices more and more popular. Malware attacks on Android devices alone have increased significantly in recent years. Consumers should be aware of the amount of information they have stored online in addition to developing a plan for its transfer, if needed.
The market is struggling to meet the needs of consumers interested in protection while enabling family members to access the data if the consumer were to pass away. Your passwords and connection information to these details should be stored securely in the event of an emergency. You can consult with your estate planning attorney to learn more about how to pass vital data on to loved ones if you pass away.
Your estate planning process should incorporate all of your assets, including digital ones. Make sure you have secured this information and generated a plan for family access down the road. Get started with your comprehensive plan today by contacting an Illinois estate planning attorney.