Estate Planning for Digital Assets

What are digital assets in estate planning? Digital assets can be a wide assortment of electronic records and files that are stored “in the cloud”, on mobile devices, or on PC’s. Basically, just about anything you’re keeping as a digital record is deemed as a digital asset and something that needs to be accounted for in your Digital Estate Plan.

A lot of individuals own digital assets: from URL’s (domain names) and electronically kept pictures and videos to e-mail and social media accounts. It’s important to understand the terms and conditions concerning access and control of these kinds of data. Compile an inventory of your digital assets and passwords in order for other individuals you trust are going to know in which to locate them. Back up your data kept in the cloud to a localized computer or storage device. To help safeguard your digital or online assets, work alongside an attorney to provide permission through legal documentation.

It is now common to store financial records in smartphones, PC’s, or the cloud, and to carry out financial transactions through them. Additional to e-mail(s) and social media accounts, a lot of people also own a collection of digital assets, which can comprise of:

• Social media accounts
• Subscription services
• E-mail accounts
• Online financial institution accounts
• Credit card accounts
• Utility bill accounts
• Contact lists
• Online Shopping accounts
• Photo and video sharing and storage accounts
• Smartphones, Pcs, tablets, or cloud data
• Present digital collections
• Websites or blogs you manage
• Online marketplace stores
• URL’s
• Cryptocurrency keys
• Text, graphic and audio files (or other types of intellectual properties)

The result: Considering digital property in your estate plan has become vital. Thankfully, it’s somewhat simple to do.

So why is understanding the degree of your digital assets so important?

Focusing on creating your digital estate plan (basically a digital asset Will) is going to relieve your relatives and loved ones from the additional stress that comes up following a death. When your family can depend on a written plan detailing the passwords for your digital assets in addition to how those assets should be overseen, they are not going to have to worry about maneuvering a more comprehensive probate court process.

By devising a digital Estate Plan, you are safeguarding your online assets from risks such as identity theft, fraud, and hackers. You are also giving your family greater peace of mind (in addition to access to vital information such as financial documents and insurance documentation.)

Social media asset management

Anyone using social media for promoting their business quickly amasses a surprising amount of content. A lot of brands have 1,000’s of posts spread across a multitude of social media websites. Even small companies, such as the music platform Bandcamp, come with 2,509 posts. Obviously, they are also on LinkedIn, Facebook, and Twitter. There’s also all the user-created content produced by their users and followers. This presents an issue: how do you track it?

To meet the difficulties posed by modern social media marketing, people have developed different software products to oversee digital assets. Altogether, these devices are referred to as content management systems, or CMS. The software classification most related to those overseeing social media assets is known as digital asset management, or DAM.

DAMs and their CMS counterparts are absolutely required for any business creating and posting content. Using a modern device such as Air, in which takes the promises of conventional DAMs a step further, overseeing the abundance of digital content necessary for taking on your workload becomes … manageable. It’s perfect for your images, MP3s, PDFs, video assets, other such files, and your saneness.

A successful social media asset management approach also includes devices like 1Password. Keeping track of your passwords for all your various accounts without writing them down in an unprotected digital document or on a throwaway piece of paper. For scheduling posts, you might also use a device such as Hootsuite or Sprout Social. The fact is that you don’t need to make your job more difficult than it is. Utilizing software for making your life easier can help!

What happens to my digital assets when I pass away?

The answer to this is subject to where you live and your e-mail/website ISP. Presently, only 9 states allow your personal representative access to your digital assets. Legal professionals are working at a Uniform Fiduciary Access to Digital Assets Act (UFADAA), in which would allow 4 types of fiduciaries (guardians, personal representatives, trustees, and agents under a DPOA) the ability to access, oversee, or copy digital assets.

While the UFADAA is still being examined, it soon should be available for state legislatures to review. Regardless of your location, when setting up online accounts, you received and probably accepted a ToS agreement. Whereas these agreements differ by website, just about all of them contain language stating that the accounts are solely for an individual’s use and are unassignable. Consequently, once an account holder passes away, the ISP can reclaim the username and details.

In Conclusion

As our lives become progressively digital, it is vital to include digital assets through your estate plan. Appropriate management of digital assets safeguards their value, upholds your legacy, and facilitates a smooth transition for your loved ones. By comprehending the importance of digital asset planning, addressing the associated difficulties, and executing effective strategies, you can guarantee your digital legacy’s appropriate management and preservation.

Arizona Family Law

Naming guardians in your will can be part of your estate plan. You may think you’re too young or don’t have enough money to justify the expense, but if you have children, you have priceless assets. There are many considerations when naming guardians for your kids. However, the process doesn’t have to be expensive or complicated.

There’s nothing better than the peace of mind you will have knowing you’ve protected your family at a time when they need it most. Let us help. Schedule a consultation or contact Ogborne Law, PLC of Arizona today.