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Tips for Creating a Digital Estate Plan in New York

Tips for Creating a Digital Estate Plan in New York

There are many parts to creating an estate plan. While it can be overwhelming, it is an important matter to take care of during your life so that there is a plan in place for your death. In doing so, there are different ways the plan may be created. In the past, many people gathered these assets in paper documentation. However, with the increase in technology in recent years, others are often choosing to create a digital estate plan instead. In doing so, it is still important to retain the services of an experienced New York estate planning attorney for guidance. 

Examples of Digital Assets

In today’s day and age, most people have some form of digital assets, even if they are not aware that they do. This is because they may manage their personal and business lives online. Assets that may exist can include personal items, business information, finances, and more. Some specific examples of this can include but are not limited to the following:

  • Computing hardware such as laptops, smartphones, external hard drives, digital music players, flash drives, digital cameras, and more
  • Intellectual property such as trade secrets, patents, copyrighted material, and more
  • Domain names and infrastructure assets
  • Digital tokens or cryptocurrency
  • Word documents, spreadsheets, logos, and illustrations
  • Online accounts such as shopping accounts, social media accounts, email accounts, and blogs or websites
  • Any information stored on a cloud, online, or on a physical device

What are the Benefits of Creating a Digital Estate Plan?

There are certain benefits to creating a digital estate plan. By doing so, individuals can avoid online identity theft in addition to allowing their loved ones access to valuable information that can be used to settle an estate after their death. The more information that loved ones have regarding an estate plan, the easier it is to manage them accordingly when it becomes time. 

Protecting 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. 

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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