New Mexico Last Will and Testament Digital Assets
If you live in New Mexico and have digital assets you may have wondered, how are digital assets handled in my last will and testament? In order to properly preserve your digital assets after you pass it is important to make sure that your last will and testament provides clear instructions on what you would like to happen to your digital assets in the event you pass. An interesting fact about New Mexico, it has more PhDs than any other state in the country. With a growing number of tech companies in the state, New Mexico residents have increasingly acquired digital assets as part of their estate.
The typical New Mexico resident now has a least five different digital accounts that hold digital assets. For example a Facebook, Instagram or Itunes account, an online brokerage account or retirement account, and perhaps holds alternative digital assets like bitcoins or other cryptocurrencies in a digital wallet. Thus, to simplify administering your digital assets for your executor, 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. Remember, this is potentially sensitive information, so 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 you have social networking sites, such as Facebook or LinkedIn, Instagram or Twitter, it is a good idea to let your 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). 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 last will and testament. Using SimplyWilled.com you can provide instructions on how you would like your digital assets disposed of. Finally, using SimplyWilled.com it is a good idea to update your list of digital assets at least annual so that your digital information is up to date.