The world of “digital assets” is growing by leaps and bounds each day. The issues they present are growing just as fast. That is, what happens to the money left in your Itunes account after death? Or what about your photos on Facebook… who gets to “own” them? The answers are NOT out there yet but there is hope. Here is an article I just saw where two organizations are trying to come up with a master plan. Check it out!
Protecting your digital assets isn’t talk about by most attorneys. However, it should be! In some cases your digital assets are of extreme value; either monetarily or for sentimental reasons. Make sure your estate planning attorney discusses this with you!
The most common problems with digital assets is ACCESS. You are alive and incapacitated or you are deceased. How does your family, loved ones, or trusted professional get access to these digital assets?
WHAT ARE DIGITAL ASSETS
What exactly are “digital assets?” Does this include computers, tables, and smartphones? Yes, probably. What about access to Facebook, Youtube, and other social networking sites? Yes, I would say so. How about domain names and blogs owned by the decedent? Yes, I think so. How about frequent flyer accounts? Yes, maybe those too! Plus, so much more! Digital assets are the future and that future is just being defined right now! The definition will change but the problem is there and it needs to be addressed!
Proper estate planning is the solution! Your power of attorney, will, trust and general transfer should all make reference to your digital assets. Plus, maybe you should get on-line vault such as assetlock.net or docubank.com. If nothing else tell your trusted person, or people, about where they can get access to your digital afterlife!
Your estate planning attorney should talk to you about your digital assets. If not, ask them why!