Digital assets sometimes get excluded from the estate plan as most people don’t think these assets to be necessary. If the estate planner excludes digital assets from the estate then the heir will never know that they existed. In today’s world, digital assets are having a lot of value as compared to the past. Therefore it is necessary to include them in the estate plan. Not including them means it would be a loss for the heirs. The estate planner can take the help of an estate planning attorney near me 11771 for their guidance in this matter.
Digital assets include social media accounts, email addresses, online bank accounts, cryptocurrency, and many others. Among these, we all know that cryptocurrency holds some value. It can be big or small but it should get included in the estate plan. So that the heir will at least have an idea about it. If you are an influencer or have many followers on social media then your account is valuable. This type of accounts should get included in the estate plan. So that the heir can continue using it for his/her benefits after the death of the estate planner.
The Estate planning attorney near me 11771 helps the estate planner to include the information of his/her digital assets in the estate plan.
List of Digital Assets As Per the Estate Planning Attorney Near Me 11771
If a list of the digital assets owned by the estate planner is not made in advance then he/she might miss out on some assets. The heir should know about every digital asset owned by the estate planner. If not informed then the assets can go in the trash which is a loss for the heir.
Here’s the list of the digital asset that should get included in the list as per an estate planning attorney near me 11771:-
- Bitcoin or other cryptocurrencies
- Domain names for websites
- Photos and videos stored digitally
- Digital rights to musical composition, motion picture or theatrical works
- Accounts in online betting sites
- Blogging accounts
- Online video channels that are monetized
- Online gaming accounts on different games
Obstacles In Digital Asset Transforms As Per Estate Planning Attorney Near Me 11771
Digital property is also transferred in a similar way as the other assets. But the laws regarding the transfer of digital assets are still developing. This is why getting the access of digital assets is challenging for most people. According to an estate planning attorney near me 11771, there are some obstacles that come in way of transfer of digital assets:-
- Passwords – If the owner of the digital assets does not share the passwords to accounts that hold the digital assets then it is difficult to get access to these assets. No expert can bypass such accounts.
- Encryption – Encryption is another layer of security on top of passwords. Hence, getting access to digital assets without knowing the passwords becomes more difficult.
- Criminal Laws – There are laws imposed by the state regarding unauthorized access to digital assets. So, getting access to a digital asset without a password can be illegal.
Include Digital Assets in Estate Plan
To avoid the above obstacles a person can include the digital asset in his/her estate plan. By doing this, he/she prevents the heir from the stress of acquiring digital assets. The following steps are to be followed for including digital assets in the estate plan:-
- List – The estate planner must first make a list of all the digital assets he/she owns. He/she must also include the passwords of the assets in the estate plan. So that the heirs will not face any difficulty in finding and accessing the assets.
- Know what you own – The estate planner must know that the digital assets he/she owns are transferable because some of the digital assets are not transferrable.
- Backup data in the cloud – The estate planner can store all his/her digital assets information in the cloud and give access to the heir.
- Provide consent – The estate planner must make a legal document showing his/her consent that he/she is fine with the heir using his/her asset. This can get completed with the help of an estate planning attorney near me 11771.
Recently, the popularity of digital assets has increased which is why they should get included in the estate plan. For legally including the assets in the estate plan, a person can take help from an estate planning attorney near me 11771.