Wealth Counselor May 2019  Like us on Facebook Follow us on Twitter View our profile on LinkedIn
Dear friends,

What happens to your Facebook account when you die? What about your airline miles or your email account? An article in Morningstar recently summarized the importance of digital estate planning by stating, "even people who think they've ticked off all of the usual boxes on their estate-planning to-do lists may have overlooked an increasingly important component of the process: ensuring the proper management and orderly transfer of their digital assets after they die or become disabled." [1]

As our clients' trusted advisors, we ensure that their assets, including personal property, are addressed in a comprehensive estate and financial management plan. As we transition into a more "digital" world, it is critically important to ensure clients' digital assets are included in the planning. To learn more about estate planning for digital assets, read our latest newsletter.

Happy reading,
Your Facebook Afterlife: Estate Planning for Digital Assets
Article written by 
Imagine that you have been named the Executor or Trustee to handle the estate of a distant relative and you know very little about its assets. In 1980, acquiring this type of information would have been relatively straightforward. Upon assuming your duties as Executor/Trustee, you could locate a file cabinet in the home and begin to review financial statements, tax returns, and regular household bills. You could also have the post office begin forwarding the deceased's mail, to ensure you receive additional financial documents which may not have been located in the home.

What about in 2019? Unfortunately, while serving as an Executor or Trustee has always been challenging, such responsibility can be difficult in unexpected ways in the modern world. In this age, you may enter the home to find the decedent has fully embraced a minimalist aesthetic, minimizing paper and clutter by switching to paperless statements. The file cabinet of 1980 may no longer exist at all. And the mail won't help you for those paperless accounts.

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Carrell Blanton Ferris & Associates, PLC