Constance Gustke of the New York Times writes about the new frontier of digital assets in the world of estate planning. The article begins as follows:
Andrew Magliochetti, 38, always feared dying without an estate plan. In his 20s, he prepared a will. But after consulting with his money manager, Mr. Magliochetti took an even more unusual step: He listed his digital assets, which include digitized family movies and social media accounts, as well as some assets that are more esoteric, like digital currencies and domain names.
Mr. Magliochetti then stored his passwords, including those for Facebook and Twitter, on a password manager that his brother, who is his estate executor, could easily get access to. Family photos and movies were uploaded onto the file-hosting service Dropbox, which makes them easy to share, he said.
“Being so organized takes a lot of time,” said Mr. Magliochetti, a managing director at Maroon Capital Group in Chicago. “But if someone can’t access my assets, they can disappear.”
Read the full article from the New York Times here.
Posted by Logan Davis, Associate Editor, Wealth Strategies Journal.