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Estates & Wills & Trusts

Consider digital assets when estate planning

As digital legacies are becoming an increasingly complicated issue, those planning their estate should be sure to seek advice about online accounts and assets from a lawyer or financial adviser, Toronto trusts and estates lawyer Suzana Popovic-Montag tells The Globe and Mail.

“The issue of managing finances that have been stored electronically is much more common than 10, or even five, years ago,” says Popovic-Montag, managing partner of Hull & Hull LLP.

If an executor of a will doesn’t know the password or the user ID to an account or a device such as an iPad, they won’t be able to access it, she says in the article.

Without such information, she explains, “we are going to have delays. We are going to have situations where individuals may insist on probate to prove that you have access to these accounts. Or you might have to get a court order.”

As such, Popovic-Montag tells The Globe and Mail, estate planners should create a list of their digital assets and passwords.

“Here’s what I have, and here’s how you access it. It means sitting down and thinking of every single thing that you do on the computer, that you do remotely or somehow access through social media,” she says.

“We have seen a trend toward people who are doing estate planning also talking about a digital will,” she says, “and creating an infrastructure to deal with that. Like saying, ‘I want a digital executor, someone who is computer savvy to be able to deal with my accounts.’”

To Read More Suzana Popovic-Montag Posts Click Here
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