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Creating a Digital Estate in New York | What to Know

Creating a Digital Estate in New York | What to Know

When it comes to estate planning, you will have to make a lot of important decisions. Among these decisions, you will have to determine how to handle your digital estate. Read on to learn more about digital assets and planning for your digital estate.

What is a Digital Estate?

In today’s day and age, many of our most important assets are digital. This can include photos, bank account, and more. We plan for our tangible assets, such as real estate, antiques, and more. But, we also must plan for our digital assets.

What are Digital Assets?

There are many different types of digital assets. The following are examples of digital assets you may wish to plan for:

  • Financial accounts: Bank accounts, brokerage accounts, stock portfolios, etc. 
  • Online rewards programs: There are many companies that provide goods and services to customers through online rewards programs. These rewards can sometimes become valuable enough overtime to warrant putting it in an estate plan.
  • Electronic communications: People have an average of at least five social media accounts that they use regularly. While they tend not to have monetary value, they can be put in an estate plan to be administered properly to beneficiaries.
  • Digital collections: Photographs, videos, music files, etc. are all items with a sentimental value that are worth including in an estate plan.

How Can I Protect my Digital Assets?

There are different ways that digital assets can be secured once the plan is made. This can include storing the digital estate plan with a trusted estate planning attorney who can keep the assets safe until it is needed. It can also be kept with an online storage service. In addition to this, a locked safe or container with a code or key can be used and left for the executor. You may need to appoint an executor of your digital estate. It is important that you choose someone you trust to handle your sensitive information. Be sure that your executor knows where your digital items are stored, as well as any necessary passwords he or she will need. 

If you have any questions or concerns regarding planning for your digital assets, contact our firm today. Estate planning can be stressful, but we will walk you through the process each step of the way.

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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