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What do I Need to Know About Digital Assets?

What do I Need to Know About Digital Assets?

When creating an estate plan, there are a variety of different ways that it can be done. This can vary depending on the assets you wish to include in the plan as well as how you want the plan to be carried out when your life is over. In recent decades, people are finding themselves managing more and more of their life online than they would through paper. This has resulted in most people having several digital assets that should be included in their estate plan. Continue reading to learn more and contact an experienced New York estate planning attorney for guidance in making an estate plan. 

What is a Digital Asset?

Simply put, a digital asset is any type of online record that you own. This can include the following assets:

  • 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.

Protecting Your Digital Estate

By having a thorough estate plan prepared, you secure the future of your health, cherished assets, and loved ones so that you are not caught off guard by unexpected life events. While estate plans used to be traditionally paper-based in the past, the changes in digital technology have changed the way people manage their assets. Even if they do not realize it, most people probably have some type of digital asset, if not many of them. The failure to protect these assets for the future can result in them falling into the wrong hands. When securing them, be sure to include all corresponding information such as usernames, passwords, and secret questions. Also designate how you wish these to be handled so the executor can act accordingly.

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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