Estate Planning Is Important for Your Online Assets, Too – NYTimes.com

Posted by Ravi Gulati | Posted in Financial Planning, Uncategorized | Posted on 05-06-2013

IT’S tough enough to write an ordinary will, deciding how to pass along worldly goods like your savings, your real estate and that treasured rocking chair from Aunt Martha in the living room.

But you may want to provide for your virtual goods, too. Who gets the photographs and the e-mail stored online, the contents of a Facebook account, or that digital sword won in an online game?

These things can be important to the people you leave behind.

“Digital assets have value, sometimes sentimental, and sometimes commercial, just like a boxful of jewelry,” said John M. Riccione, a lawyer at Aronberg Goldgehn Davis & Garmisa in Chicago. “There can be painful legal and emotional issues for relatives unless you decide how to handle your electronic possessions in your estate planning.”………….

Professor Cahn in Washington says the time to prepare for the digital hereafter is now, particularly if serious illness is a factor. “If someone is terminally ill,” she said, “in addition to getting emotional and financial issues in order, you need to get your Internet house in order.”

via Estate Planning Is Important for Your Online Assets, Too – NYTimes.com.