Digital Assets in Your Arkansas Last Will and Testament
In an increasingly digital world, the question of how to provide for your digital assets in your Arkansas last will and testament is a more and more common question than ever. In order to properly preserve your digital assets after you pass it is important to make sure that your Arkansas last will and testament provide clear instructions on what you would like to happen to your digital assets in the event you pass. The typical Arkansas resident now has a least five different digital accounts that hold digital assets. For example, Facebook, Instagram or iTunes account, and an online brokerage account or retirement account that perhaps holds alternative digital assets like Bitcoins or other cryptocurrencies in a digital wallet. Under Arkansas, law cryptocurrencies are handled like any other personal asset, so it is important to make sure they are included in your estate plan. Thus it is important to do a little planning to simplify administering your Arkansas estate and any digital assets you may have for your executor.
To begin, it is a good idea to maintain an inventory of all of your digital assets, including digital wallets, in a secure location. Your list of digital assets should include all of your online accounts, digital wallets, as well as a list of usernames and passwords for each account. Remember, this is potentially sensitive information, to protect this information by keeping it in a secure place. Some people will put this information in a sealed envelope to be opened only upon death or incapacity. Wherever you decide to keep this information, make sure you tell your executor (and agent under your power of attorney, if a different person ) where this information can be found.
In addition, if your Arkansas estate plan should specify how you would like your social media accounts handled. If you have social networking sites, such as Facebook or LinkedIn, Instagram or Twitter, it is a good idea to let your Arkansas executor know whether you want the site maintained following your death or whether you want the site removed (some sites have specific policies regarding what happens when a person dies or is incapacitated, so make sure you check each site’s policy). In addition, if you have a collection of music or photographs, tell your executor what you want to be done with those assets are well. These are all instructions that should be included in your Arkansas last will and testament.
Using SimplyWilled.com/Arkansas you can provide instructions on how you would like your digital assets disposed of in your customized Arkansas last will and testament as well as an Arkansas healthcare power of attorney, an Arkansas financial power of attorney, and Arkansas living will. In addition, using SimplyWilled.com/Arkansas it is a good idea to update your list of digital assets at least annually so that your digital information is up to date. For more information regarding Arkansas estate planning, check out our blog.