We are currently living in uncertain times. This serves as a reminder to us all that creating a comprehensive estate plan is of paramount importance. Today, we will take a look at the digital side of estate planning. In 2020, almost all of us have a computer, cell phone, or other digital assets. Please continue reading and speak with our experienced New Jersey estate planning attorney to learn more about digital estate planning.
What digital assets do I have?
The first thing you should do is create a list of all the digital assets you own. Some examples of digital assets are as follows:
- Electronically-stored data, such as data on a cloud, or even data stored on a physical device
- Social media accounts, shopping (Amazon) accounts, emails, and more
- Intellectual property, including any patents, business secrets, trademarks, copyrights, and more
- Computers, iPods, external hard drives, digital cameras, and more all count as digital assets, as they most likely contain private information that you would either like preserved or erased upon your passing.
- Any cryptocurrency you may own, such as Bitcoin
- Any data packages you may own
What is a digital executor?
In your will, you can instruct your executor to appoint the digital executor of your choice. From here, your digital executor can handle digital assets when the time comes. However, you must provide your digital executor with your logins and passwords to your accounts that may contain sensitive information, so you must appoint a digital executor you trust. From here, ensure, you write down the location of all your technological devices so your digital executor can find them with ease.
Can I protect my digital assets?
One of the safest, most secure means of protecting digital assets is by storing them with a knowledgeable estate planning attorney you can trust. That being said, there are several online storage services out there that you may transfer your digital assets into. In other cases, certain people even prefer to simply keep these assets in a locked file cabinet or safe, however, you must ensure you provide your digital executor with the codes to access these assets.
Contact our experienced New Jersey firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 20 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.