There are few things more important in life than creating a comprehensive estate plan. Unfortunately, this statement rings even truer in uncertain times, as anything can happen in the wake of the new coronavirus. That being said, one of the most important, albeit most overlooked aspects of estate planning is creating a digital estate. Please read on and reach out to our experienced Pennsylvania estate planning attorneys to learn more about digital estate planning and how we can help you.
What are some examples of digital assets?
Even if you don’t consider yourself a “high-tech” person, the truth is, you most likely still have several digital assets. Therefore, you must account for all assets you’d like both preserved and discarded upon death. Some examples of common digital assets include, but are not limited to:
- Computing hardware, including devices such as laptops, smartphones, external hard drives, digital music players, flash drives, digital cameras, and more
- Intellectual property, including trade secrets, patents, copyrighted material, and more
- Domain names and infrastructure assets
- Digital tokens or cryptocurrency
- Word documents, spreadsheets, logos, and illustrations
- Online accounts, including shopping accounts, social media accounts, email accounts, and any other blog or website you have contributed to in the past
- Any information stored on a cloud, online, or on a physical device
What are the benefits of creating a comprehensive digital estate?
When you create a digital estate, you help avoid online identity theft, as well as grant your family access to various types of valuable information that can help them settle your estate in the long run. Additionally, if your digital assets have financial value, you may have to report and submit them to probate. The more your family knows about the digital assets you have, the easier it will be for them to navigate through the estate administration process.
What can I do to protect my digital assets?
There are various protective measures you can take to ensure your assets are secured. For example, the most important thing you can do is store your digital assets with a respected estate planning attorney who would be more than happy to help you protect your assets. Additionally, you can place your digital assets in an online storage service. If you have physical digital assets, meaning computers, phones, and things of that nature, you may keep them in a locked safe or container and leave the code or key to your executor.
Contact our experienced Pennsylvania firm
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.