Personal Finance For Young Adults: Digital Assets-Know What They Are And How To Protect Them

personal finance for young adults digital assets know what they are and how to protect them

What will happen to your bitcoin when you’re gone? Do you know who will be able to access your email, social media accounts, online dating profile, digital subscriptions and memberships, rewards points and other digital assets? Do you know the value of your online life, and have you considered addressing your digital assets in your estate plan?

We live in an increasingly digital world. Technology is ingrained in our day-to-day lives, so much so that maintaining personal and financial information on the internet is routine.

Although many of us already know that there is a huge amount of information about our lives stored online, it is common for people—even those who should know better—to underestimate the value and scope of their digital footprints.

Settling your estate could become complicated for your fiduciaries and loved ones if you haven’t adequately identified or accounted for your digital assets—especially should those assets become lost or inaccessible. However, it is possible to help alleviate the administrative burden on your fiduciaries and potentially prevent significant financial and personal loss for your loved ones with a well-drafted estate plan that includes the management and distribution of digital assets. 

What is a digital asset?

A digital asset is any type of electronic information that …

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