WEBVTT 00:00:16.230 --> 00:00:20.570 episode where psychology and finances intersect. 00:00:21.149 --> 00:00:24.710 I still have my buddy Emily Baggett, attorney 00:00:24.710 --> 00:00:28.370 with Redstone Arsenal, and we're going to continue 00:00:28.370 --> 00:00:33.130 to examine how we think, feel, and behave with 00:00:33.130 --> 00:00:37.469 our digital assets and how we are going to plan 00:00:37.469 --> 00:00:43.520 our estate surrounding digital assets. And with 00:00:43.520 --> 00:00:47.899 this being a podcast relating to psychology and 00:00:47.899 --> 00:00:51.780 how the world of psychology impacts what we do 00:00:51.780 --> 00:00:55.100 with our finances, one of the things that Emily 00:00:55.100 --> 00:00:58.420 and I have both seen in practice is individuals 00:00:58.420 --> 00:01:02.920 who believe that they have more time. than they 00:01:02.920 --> 00:01:07.019 actually do. So many times the financial planning, 00:01:07.260 --> 00:01:09.659 the estate planning, and all the other planning 00:01:09.659 --> 00:01:13.579 that we know we need to tackle, we tend to put 00:01:13.579 --> 00:01:16.700 off, we tend to procrastinate. And I hope by 00:01:16.700 --> 00:01:20.680 the time this series of digital assets and estate 00:01:20.680 --> 00:01:24.599 planning is complete, that you'll have the what's 00:01:24.599 --> 00:01:27.560 in it for me to actually go through with this. 00:01:27.700 --> 00:01:30.159 And Emily, one of the things we were just talking 00:01:30.159 --> 00:01:33.560 about are those Digital assets that a lot of 00:01:33.560 --> 00:01:35.959 folks don't even think about when it comes to 00:01:35.959 --> 00:01:40.939 a digital asset. You and I share a similar love 00:01:40.939 --> 00:01:46.040 for Legos. And again, no Army endorsement implied, 00:01:46.159 --> 00:01:50.739 but let's talk about Lego rewards. It's something 00:01:50.739 --> 00:01:55.200 that is there in your digital asset portfolio, 00:01:55.459 --> 00:01:57.780 but what do you do with something like that? 00:01:58.840 --> 00:02:03.140 Right. With the Lego Rewards, that's something 00:02:03.140 --> 00:02:06.500 else. It's another rewards component that you 00:02:06.500 --> 00:02:10.340 might have that you could use that, again, at 00:02:10.340 --> 00:02:15.580 the end. Say I have the example I used when I 00:02:15.580 --> 00:02:17.659 spoke at the financial symposium is I had at 00:02:17.659 --> 00:02:22.240 that time $111 in my Lego Rewards account. Well, 00:02:22.439 --> 00:02:25.139 since I had that much in my Lego Rewards account, 00:02:25.280 --> 00:02:28.360 I was saving up for something. I was able to 00:02:28.360 --> 00:02:31.840 use them. But that's, again, if you have something 00:02:31.840 --> 00:02:33.719 like that, if something would have happened to 00:02:33.719 --> 00:02:37.000 me, that's a pretty sizable amount for the Lego 00:02:37.000 --> 00:02:39.520 world. I mean, that could have been used. Someone 00:02:39.520 --> 00:02:42.620 could have used. So you have to think about those 00:02:42.620 --> 00:02:45.800 things that could someone have used them. Yes, 00:02:45.800 --> 00:02:48.060 they could have logged into my account and bought 00:02:48.060 --> 00:02:50.360 something from the website. And really, it's 00:02:50.360 --> 00:02:53.539 not just about the money, is it? Because let's 00:02:53.539 --> 00:02:56.979 say that you and your child. both enjoy doing 00:02:56.979 --> 00:03:00.439 this as an activity together for quality time. 00:03:00.620 --> 00:03:05.379 And you pass, the child knows that you have something 00:03:05.379 --> 00:03:08.580 that is available to you. And this is another 00:03:08.580 --> 00:03:13.120 continued source of connection when it comes 00:03:13.120 --> 00:03:18.979 to having this ability. beyond the grave to finish 00:03:18.979 --> 00:03:21.840 a project with you or to create a new project 00:03:21.840 --> 00:03:24.860 with you. So really getting behind the financial 00:03:24.860 --> 00:03:29.379 aspect and the psychological aspect tied to that. 00:03:29.560 --> 00:03:33.379 But we also don't think about the other online 00:03:33.379 --> 00:03:38.000 accounts. So email accounts. Storage accounts, 00:03:38.319 --> 00:03:41.080 gaming accounts, professional licenses. You and 00:03:41.080 --> 00:03:45.199 I have to maintain our licenses throughout the 00:03:45.199 --> 00:03:49.060 years. And what are some of the things that we 00:03:49.060 --> 00:03:53.080 might need to cinch up there? But talk about 00:03:53.080 --> 00:03:55.039 some of those online accounts that maybe you've 00:03:55.039 --> 00:03:57.930 had some personal. experience with. So one of 00:03:57.930 --> 00:03:59.689 the things you did mention is we're both professionals. 00:03:59.830 --> 00:04:02.770 So I do have to say again that the disclaimer 00:04:02.770 --> 00:04:05.069 that states that the views presented, mine are 00:04:05.069 --> 00:04:07.270 the speaker and do not necessarily represent 00:04:07.270 --> 00:04:09.669 the views of the DOD, my official disclaimer 00:04:09.669 --> 00:04:12.430 as an attorney. But one of the articles recently, 00:04:12.550 --> 00:04:14.430 when you're talking about some type of professional 00:04:14.430 --> 00:04:17.930 licenses is for doctors. They have to have usernames 00:04:17.930 --> 00:04:20.610 and passwords potentially, I guess, to get into 00:04:20.610 --> 00:04:23.170 their medical records or for, you know, looking 00:04:23.170 --> 00:04:25.949 at records at their system. If a doctor passes, 00:04:26.089 --> 00:04:30.730 away their practice might have on the records 00:04:30.730 --> 00:04:33.089 but the doctor is the one who has to have access 00:04:33.089 --> 00:04:35.850 to those records as far as managing those client 00:04:35.850 --> 00:04:38.970 records then how does the practice necessarily 00:04:38.970 --> 00:04:41.250 get into the records or how does someone else 00:04:41.250 --> 00:04:44.410 maintain those records so that is from a different 00:04:44.410 --> 00:04:47.269 kind of online and i know that's kind of a business 00:04:47.269 --> 00:04:53.050 kind of standpoint as well but I'm not in private 00:04:53.050 --> 00:04:55.589 practice anymore, so I don't have to log into 00:04:55.589 --> 00:04:58.490 a client system. But thinking about that, if 00:04:58.490 --> 00:05:00.970 you log into some type of client system where 00:05:00.970 --> 00:05:03.310 you've got to log into clients, you have clients. 00:05:03.610 --> 00:05:06.170 I've had folks before that do have client -based 00:05:06.170 --> 00:05:08.329 systems because they're consulting or they have 00:05:08.329 --> 00:05:11.209 a consulting business. If something happens, 00:05:11.410 --> 00:05:13.649 are you going to be able to get into those client 00:05:13.649 --> 00:05:16.009 files? Does somebody need to be able to get into 00:05:16.009 --> 00:05:19.040 those client files? Email accounts are the same 00:05:19.040 --> 00:05:22.100 way. I tell clients a lot of times maybe somebody 00:05:22.100 --> 00:05:24.500 doesn't know a username and password, but we 00:05:24.500 --> 00:05:26.839 know a lot of times you can reset some of those 00:05:26.839 --> 00:05:29.480 things if you have the correct email because 00:05:29.480 --> 00:05:32.660 you can reset with an email account. Reset a 00:05:32.660 --> 00:05:35.680 password a lot of times. So I always say know 00:05:35.680 --> 00:05:39.029 what those email accounts are. I don't game. 00:05:39.089 --> 00:05:41.930 I'm not a gamer. But from what I understand, 00:05:42.230 --> 00:05:46.529 gaming accounts can be potentially quite lucrative 00:05:46.529 --> 00:05:49.709 if you own some of these gaming accounts or something 00:05:49.709 --> 00:05:51.629 to do with some of these gaming things. Again, 00:05:51.870 --> 00:05:54.170 I don't understand some of the gaming concepts, 00:05:54.250 --> 00:05:57.089 but if you're in the gaming world, you want to 00:05:57.089 --> 00:05:59.949 have access to those. Right. And now we get into 00:05:59.949 --> 00:06:03.750 creative content. When you asked the question 00:06:03.750 --> 00:06:06.490 in the financial symposium, how many of you are 00:06:06.490 --> 00:06:09.170 influencers? We didn't have anyone raise their 00:06:09.170 --> 00:06:11.889 hand, and one of my colleagues actually got on 00:06:11.889 --> 00:06:14.610 to me later for not raising my hand, but I don't 00:06:14.610 --> 00:06:19.230 view myself as an influencer. I just am passionate 00:06:19.230 --> 00:06:22.129 about giving psychology away, giving financial 00:06:22.129 --> 00:06:25.829 education away, and this is just a little grassroots 00:06:25.829 --> 00:06:29.850 effort in another platform to provide on -demand 00:06:29.850 --> 00:06:33.680 financial education. But we had a conversation 00:06:33.680 --> 00:06:37.079 just a little bit ago about how sometimes we 00:06:37.079 --> 00:06:44.180 fall backwards into an influencer role. And some 00:06:44.180 --> 00:06:48.060 of us don't even realize that. So with creative 00:06:48.060 --> 00:06:51.060 content, it could be through a blog. It could 00:06:51.060 --> 00:06:53.220 be through a podcast. And I'll give a personal 00:06:53.220 --> 00:06:57.949 example. My daughter. had this beautiful podcast, 00:06:58.089 --> 00:07:04.009 and she was only 15 when she started it, and 00:07:04.009 --> 00:07:08.129 it was wonderful. I couldn't wait for the next 00:07:08.129 --> 00:07:11.470 episode to come out. She did it weekly, and she 00:07:11.470 --> 00:07:15.420 would record during the week. which was also 00:07:15.420 --> 00:07:20.439 school happening. And it was great. She had several 00:07:20.439 --> 00:07:23.139 followers. She got lots of compliments at school 00:07:23.139 --> 00:07:27.459 and in other community settings. And all of a 00:07:27.459 --> 00:07:31.540 sudden, she felt so pressured and so stressed 00:07:31.540 --> 00:07:35.259 out by this podcast that she just wanted to leave 00:07:35.259 --> 00:07:40.709 it. And she closed it all down before Mama Bear 00:07:40.709 --> 00:07:44.970 had a chance to download at least one episode 00:07:44.970 --> 00:07:50.009 to save for future reference. Like when I'm old 00:07:50.009 --> 00:07:52.870 and gray and I just want to sit there and reminisce 00:07:52.870 --> 00:07:55.750 about my baby girl and how beautiful of a podcast 00:07:55.750 --> 00:08:00.870 that was. And so I wasn't upset with her, obviously. 00:08:01.170 --> 00:08:06.329 But if I would have known about this. Before 00:08:06.329 --> 00:08:09.920 she decided. to shut it all down, I would have 00:08:09.920 --> 00:08:15.959 gently asked for the Instagram password, the 00:08:15.959 --> 00:08:20.120 ability to go in there. Now, what teenage daughter 00:08:20.120 --> 00:08:23.079 is going to want to give mom and dad their Instagram 00:08:23.079 --> 00:08:26.600 password and that type of thing? But it doesn't 00:08:26.600 --> 00:08:28.600 necessarily have to be that. It could have been 00:08:28.600 --> 00:08:33.360 to wherever she was housing the videos to pull, 00:08:33.480 --> 00:08:38.029 which was actually from her phone. And so she 00:08:38.029 --> 00:08:41.409 deleted everything because she was just so upset. 00:08:41.470 --> 00:08:45.269 It was an impulsive act. And again, that's what 00:08:45.269 --> 00:08:48.570 a 15 -year -old, 16 -year -old brain does. I'm 00:08:48.570 --> 00:08:50.690 done with it. I'm washing my hands of it. And 00:08:50.690 --> 00:08:53.210 it's time to just get rid of it all. But again, 00:08:53.389 --> 00:08:56.149 as a mom, I would have loved to at least saved 00:08:56.149 --> 00:08:59.509 one of the episodes for future reference. So 00:08:59.509 --> 00:09:02.809 that may not necessarily be what people are considering 00:09:02.809 --> 00:09:07.139 a digital asset. We think of our pictures that 00:09:07.139 --> 00:09:10.340 way, right? We think of photos that are digital 00:09:10.340 --> 00:09:13.600 in nature. So why not videos? Why not those other 00:09:13.600 --> 00:09:18.200 things that may not have monetary value, but 00:09:18.200 --> 00:09:21.899 they have a lot of sentimental value? Exactly, 00:09:22.000 --> 00:09:24.440 because you talk about videos. I have a video 00:09:24.440 --> 00:09:28.259 of me and my son from when he's probably seven 00:09:28.259 --> 00:09:30.639 or eight. And it's one of my favorite things 00:09:30.639 --> 00:09:33.399 when I'm kind of down to go back and watch. And 00:09:33.399 --> 00:09:36.279 it was just a... We were singing a Taylor Swift 00:09:36.279 --> 00:09:40.440 song in the car, having the best time. And, I 00:09:40.440 --> 00:09:42.919 mean, I just happened to click the video on that 00:09:42.919 --> 00:09:46.240 day and say, we're in a music video. Let's, you 00:09:46.240 --> 00:09:48.860 know, jam it up. And, I mean, it's less than 00:09:48.860 --> 00:09:51.259 a minute, I think. But it's saved on my phone. 00:09:51.399 --> 00:09:53.759 I've saved it to, like, my Google Drive. But 00:09:53.759 --> 00:09:57.309 that's one of those things that. I go back and 00:09:57.309 --> 00:10:00.669 watch all the time. My son's now 16. So, you 00:10:00.669 --> 00:10:02.570 know, you have those like sentimental things 00:10:02.570 --> 00:10:06.950 that you do want to keep. And he probably would 00:10:06.950 --> 00:10:08.409 be like, Mom, I can't believe don't you ever 00:10:08.409 --> 00:10:11.129 show that to anyone. But it's one of those things 00:10:11.129 --> 00:10:14.110 as a mom you want. I think about some of the 00:10:14.110 --> 00:10:17.070 stories my grandmother told that we recorded. 00:10:17.230 --> 00:10:19.309 And we're so glad we recorded those because. 00:10:20.399 --> 00:10:22.600 You want those things. They're family history 00:10:22.600 --> 00:10:24.399 that you're not going to remember. You think 00:10:24.399 --> 00:10:26.259 you're going to remember some of the things and 00:10:26.259 --> 00:10:28.539 the way the story is supposed to go. But then 00:10:28.539 --> 00:10:31.559 when everybody sits down, nobody remembers how 00:10:31.559 --> 00:10:35.440 really it goes because everybody thinks it goes 00:10:35.440 --> 00:10:37.919 one way and it's really not. So then it's like, 00:10:37.960 --> 00:10:40.120 well, thank goodness we did record it. You know, 00:10:40.120 --> 00:10:43.340 but where are those memories? I really love those 00:10:43.340 --> 00:10:47.059 memories. I recently found out that on my mom's 00:10:47.059 --> 00:10:49.799 side, there's a family cemetery. There is a website 00:10:49.799 --> 00:10:52.539 where they keep all of the information on the 00:10:52.539 --> 00:10:55.460 family cemetery. I did not know this. My mom 00:10:55.460 --> 00:10:57.279 said, yeah, there's a family website. There's 00:10:57.279 --> 00:10:59.360 a cemetery that you log in, and there's all the 00:10:59.360 --> 00:11:02.320 information on how everything goes. And I thought, 00:11:02.419 --> 00:11:05.860 there's a lot of family information on that website. 00:11:06.279 --> 00:11:08.279 And she's like, yeah, it goes back. And she started 00:11:08.279 --> 00:11:11.159 telling, like. I mean, it goes way back. And 00:11:11.159 --> 00:11:12.639 I thought, well, this is really interesting. 00:11:12.759 --> 00:11:15.320 I mean, people have things like that that you 00:11:15.320 --> 00:11:19.179 don't think about in your photos. It might not 00:11:19.179 --> 00:11:21.759 be stored digitally. Where are your photos stored? 00:11:22.000 --> 00:11:25.019 I dare to say how many USBs are in this little 00:11:25.019 --> 00:11:27.980 Ziploc bag at my house. But, I mean, do you walk 00:11:27.980 --> 00:11:30.100 around like me with this baggie of Ziploc bags 00:11:30.100 --> 00:11:32.220 of, like, I don't know, but don't touch those. 00:11:32.360 --> 00:11:35.000 Those are the photos, the child's photos. All 00:11:35.000 --> 00:11:37.340 through his life, they're in that baggie of the 00:11:37.340 --> 00:11:40.700 USBs. Because one day, I will get around to organizing 00:11:40.700 --> 00:11:43.220 them, I'm sure. But I just know I don't want 00:11:43.220 --> 00:11:45.899 them touched. So do you have any of those USB 00:11:45.899 --> 00:11:48.279 baggies? Or do you have them on a hard drive? 00:11:48.700 --> 00:11:50.720 Those are considered digital assets as well. 00:11:51.000 --> 00:11:52.600 Where are those? Where are you storing them? 00:11:52.940 --> 00:11:55.980 Well, you heard it here. Even the attorney hasn't 00:11:55.980 --> 00:11:58.720 had time to get around to a couple things. So 00:11:58.720 --> 00:12:01.080 maybe we don't need to feel as guilty as we are. 00:12:01.379 --> 00:12:06.019 But there are some. digital platforms that have 00:12:06.019 --> 00:12:09.840 become monetized. I really do believe had my 00:12:09.840 --> 00:12:13.460 daughter continued with the podcast, she could 00:12:13.460 --> 00:12:16.580 have made some money on what she was doing. I 00:12:16.580 --> 00:12:20.460 was very impressed with how eloquent of a speaker 00:12:20.460 --> 00:12:23.840 she has become and the research that she would 00:12:23.840 --> 00:12:27.259 put into every episode. And I guess the apple 00:12:27.259 --> 00:12:30.960 doesn't fall far from the tree. But if she had 00:12:30.960 --> 00:12:34.799 become monetized, Emily, What would have been 00:12:34.799 --> 00:12:40.860 the appropriate manner to receive the monetary 00:12:40.860 --> 00:12:45.019 benefits? I think when you actually do start 00:12:45.019 --> 00:12:49.159 earning money from, say, say she put her podcast, 00:12:49.299 --> 00:12:52.059 let's say, on YouTube. There are so many people 00:12:52.059 --> 00:12:54.679 that do have YouTube videos that maybe they don't 00:12:54.679 --> 00:12:57.240 start out or say they do start a podcast. Then 00:12:57.240 --> 00:12:59.700 they do start, you know, where they talk about 00:12:59.700 --> 00:13:02.450 it on YouTube and they do. start earning some 00:13:02.450 --> 00:13:05.350 money off that then you do have to realize that 00:13:05.350 --> 00:13:08.289 if there's money coming in off that then you 00:13:08.289 --> 00:13:09.950 have to think about well how is that going to 00:13:09.950 --> 00:13:12.610 go into the estate plan there is a particular 00:13:12.610 --> 00:13:16.570 let's take this for example say you have a dog 00:13:16.570 --> 00:13:19.870 and i know we all love our pets i have one that 00:13:19.870 --> 00:13:23.159 i love very much Even though sometimes I wonder 00:13:23.159 --> 00:13:27.059 about it. But anyway, he's a puppy, an 80 -pound 00:13:27.059 --> 00:13:30.960 puppy. But anyway, so you have a pet. Your pet 00:13:30.960 --> 00:13:33.860 becomes famous on Instagram because you put pet 00:13:33.860 --> 00:13:36.120 videos on there, which this can happen, okay? 00:13:36.320 --> 00:13:38.120 As much as we love our pets, at the end of the 00:13:38.120 --> 00:13:40.179 day, they're property. So your pet's property, 00:13:40.320 --> 00:13:44.559 but you're making money off your pet. But this 00:13:44.559 --> 00:13:47.059 pet has become very famous as this Instagram 00:13:47.059 --> 00:13:50.360 star, and you've got brand deals for the pet. 00:13:51.390 --> 00:13:54.129 because he gets all kinds of stuff, which ultimately 00:13:54.129 --> 00:13:56.450 you do. So you have to think about those things. 00:13:56.529 --> 00:13:58.669 That's got to become part of your estate plan. 00:13:59.190 --> 00:14:01.929 Do you need then someone? Obviously, it's going 00:14:01.929 --> 00:14:04.389 to go in your will, but at the same time, this 00:14:04.389 --> 00:14:06.830 is another component of estate planning. Do you 00:14:06.830 --> 00:14:09.570 need a digital executor? And what I mean by that, 00:14:09.649 --> 00:14:12.049 do you need someone that's got to handle the 00:14:12.049 --> 00:14:15.929 online component? only, potentially. And that 00:14:15.929 --> 00:14:18.950 is now becoming the kind of next wave as far 00:14:18.950 --> 00:14:20.970 as some of the digital stuff, as far as folks 00:14:20.970 --> 00:14:23.769 that do have a lot of online content. For the, 00:14:23.850 --> 00:14:26.850 what I would say, influencers, obviously some 00:14:26.850 --> 00:14:30.730 of our famous, famous folks in the world, I'm 00:14:30.730 --> 00:14:32.529 sure they do have folks that are going to be 00:14:32.529 --> 00:14:36.580 digital. Because you've got to know how to get 00:14:36.580 --> 00:14:39.399 to some of these websites, how to make sure that 00:14:39.399 --> 00:14:41.460 their image is not being, or their likeness is 00:14:41.460 --> 00:14:43.919 not being used in an improper manner. All those 00:14:43.919 --> 00:14:46.200 different things, and that is where you have 00:14:46.200 --> 00:14:48.580 to think about those things as well. I know we 00:14:48.580 --> 00:14:50.899 talk about it on a smaller scale, but that's 00:14:50.899 --> 00:14:52.779 where you have to think on a larger scale. What 00:14:52.779 --> 00:14:56.179 if you do have, you do get to a larger scale 00:14:56.179 --> 00:14:57.960 where you're looking at, okay, you have an Instagram, 00:14:58.179 --> 00:15:01.080 you've got a YouTube. You've got brand deals. 00:15:01.279 --> 00:15:03.740 I mean, it might be something beyond what you 00:15:03.740 --> 00:15:06.799 want to leave to, say, your child to figure out 00:15:06.799 --> 00:15:09.799 or, say, I think of these wonderful people that 00:15:09.799 --> 00:15:12.179 can cook that have maybe a cookbook or they've 00:15:12.179 --> 00:15:15.899 started a little cooking show or whatever. There's 00:15:15.899 --> 00:15:17.419 all kinds of things that you could have started 00:15:17.419 --> 00:15:20.159 out that just was a hobby that now has really 00:15:20.159 --> 00:15:22.799 come into something, a hobby that has turned 00:15:22.799 --> 00:15:24.200 into something that you're making money off of. 00:15:24.570 --> 00:15:27.129 And in the legal world, the terminology that 00:15:27.129 --> 00:15:29.529 attorneys love to use is digital intellectual 00:15:29.529 --> 00:15:37.730 property. So this is money. This is a cash. So 00:15:37.730 --> 00:15:41.309 let's think about maybe the recording artists 00:15:41.309 --> 00:15:46.129 who they continue to make royalties on so many 00:15:46.129 --> 00:15:50.409 downloads of their music. It's the same concept 00:15:50.409 --> 00:15:55.470 with blogs, with other maybe even online courses. 00:15:55.690 --> 00:16:00.110 There are folks who make their careers, make 00:16:00.110 --> 00:16:05.100 their living based on creating. online content 00:16:05.100 --> 00:16:09.080 for whether it is for dod or it's for a private 00:16:09.080 --> 00:16:11.559 company or for it's for a continuing education 00:16:11.559 --> 00:16:16.559 company this is intellectual property that could 00:16:16.559 --> 00:16:19.659 continue to bring in dividends for your family 00:16:19.659 --> 00:16:23.679 so it's definitely worth noting for the audience 00:16:23.679 --> 00:16:27.080 what are your family members into What are they 00:16:27.080 --> 00:16:30.080 doing? And then I even think of the child stars, 00:16:30.259 --> 00:16:33.299 like I think of Full House and I think of Candace 00:16:33.299 --> 00:16:37.379 Cameron Bure, right? She has, from a kid to an 00:16:37.379 --> 00:16:40.860 adult, continued to do well with her career. 00:16:41.220 --> 00:16:44.919 But in today's world, I mean, that was our generation, 00:16:45.000 --> 00:16:49.360 but in today's generation now, it is a lot of 00:16:49.360 --> 00:16:52.159 intellectual property that is digital in nature, 00:16:52.279 --> 00:16:55.779 and it's the same concept. There could be fans. 00:16:55.820 --> 00:16:59.980 members where this child is the true star of 00:16:59.980 --> 00:17:03.879 the blog or the podcast or the streaming video. 00:17:04.240 --> 00:17:07.359 And I'm sure there could be some legal battles 00:17:07.359 --> 00:17:10.700 between family members if something goes awry 00:17:10.700 --> 00:17:15.140 with that child and parent. So that's just another 00:17:15.140 --> 00:17:18.140 thing to consider. And so you use the terminology 00:17:18.140 --> 00:17:22.839 digital executor. Can you tell the audience what? 00:17:23.259 --> 00:17:27.400 That is, and how to access a digital executor. 00:17:27.599 --> 00:17:30.900 Well, in the same role that you have an executor 00:17:30.900 --> 00:17:33.299 that would be in charge of your will that says 00:17:33.299 --> 00:17:35.720 the executor is the person after you pass away 00:17:35.720 --> 00:17:39.079 that handles everything for you, that person 00:17:39.079 --> 00:17:41.880 is going to be the person that handles everything 00:17:41.880 --> 00:17:46.200 digitally for you. So say you do have anything 00:17:46.200 --> 00:17:50.140 online. Say you do have a domain name or a website. 00:17:50.500 --> 00:17:53.210 You do have anything that has to do to deal with, 00:17:53.269 --> 00:17:56.589 say, your Taylor Swift, anything to deal with 00:17:56.589 --> 00:17:58.869 how you're going to be getting your money off 00:17:58.869 --> 00:18:00.890 your music because she re -bought some of her 00:18:00.890 --> 00:18:03.210 albums, I think, anything with that, anything 00:18:03.210 --> 00:18:05.049 to do, like I mentioned, with the likeness, making 00:18:05.049 --> 00:18:07.190 sure nobody is using your image in an improper 00:18:07.190 --> 00:18:11.150 way. All of those things, however, your official, 00:18:11.329 --> 00:18:14.049 what is the official Instagram, if there's still 00:18:14.049 --> 00:18:15.869 going to be posts being made, how is that going 00:18:15.869 --> 00:18:18.900 to be done? All of those different things, how 00:18:18.900 --> 00:18:21.440 is that going to continue? You have to think 00:18:21.440 --> 00:18:24.279 about that. How do you want that to continue? 00:18:24.779 --> 00:18:29.700 You have to leave. How is that avenue going to 00:18:29.700 --> 00:18:33.500 go for you? How do you want that to go? The big 00:18:33.500 --> 00:18:37.559 one I think that honestly I still think is he 00:18:37.559 --> 00:18:40.559 still goes today. I think of Elvis. I mean, Elvis 00:18:40.559 --> 00:18:42.400 still lives on. I mean, some people think Elvis 00:18:42.400 --> 00:18:45.509 is still alive. But you have to think. Elvis, 00:18:45.690 --> 00:18:49.150 I mean, we're now on, you know, Priscilla managed 00:18:49.150 --> 00:18:51.569 it, then Lisa Marie, and then now we're on her 00:18:51.569 --> 00:18:54.890 daughter is kind of managing things now. So we're 00:18:54.890 --> 00:18:58.170 now moved on generations. There's still probably 00:18:58.170 --> 00:19:00.930 going to be components of that that still has 00:19:00.930 --> 00:19:03.430 to be managed digitally. So we're generations 00:19:03.430 --> 00:19:06.869 down the line, but there's still components of 00:19:06.869 --> 00:19:09.190 him that need to be managed digitally, probably. 00:19:09.450 --> 00:19:11.589 And that, when you think about that, I mean, 00:19:11.630 --> 00:19:14.779 that's in a trust. You have to think along those 00:19:14.779 --> 00:19:18.980 kind of lines. So now we've gotten into immortalizing 00:19:18.980 --> 00:19:23.619 digital assets. What a great way to end this 00:19:23.619 --> 00:19:28.319 portion of this series. Make sure you stay tuned 00:19:28.319 --> 00:19:32.579 to hear the last episode on digital estate planning. 00:19:32.779 --> 00:19:36.579 If you found this helpful, please rate the pod 00:19:36.579 --> 00:19:37.500 wherever you listen.