Estate Planning for Digital AssetsPosted March 28, 2018
Americans are spending increasingly more time on the combination of computers and smartphones with each passing year, and much of that time is spent creating digital assets. You may not think of your personal email account as an “asset,” but it is just that, and can be valuable to your loved ones after you are gone. Digital assets include all types of online media as well as digital documents and information stored on your hard drive. Whether the asset in question is a Facebook account, music or photo library, or text or video information, it all needs to be considered potentially valuable assets for your beneficiaries and must be taken into account when planning your estate.
In Two years, Digital Information has Surpassed All Previous Combined Information in Human History
During the two years from 2012 to 2014, people created more information than all of human history before that, according to Scientific American. Just look at how many gigabytes are stored in your email provider, the quantity of information on your social media sites like Facebook and Instagram, or the number of songs you have on your hard drive and you can quickly get the picture of how the world has rapidly changed in the past decade.
The Fiduciary Access to Digital Assets Act
Some of the digital information in your possession may have no monetary value, but will have enormous personal value to your loved ones. Other digital assets may have actual significant financial value as well. Luckily, New Jersey is one of 39 states that has enacted the Uniform Law Fiduciary Access to Digital Assets Act. The Act enables testators the ability to leave their digital information, such as emails and social network accounts, in their will for their beneficiaries. In order for you to leave behind your digital assets and be ensured that they reach your loved ones, however, it is in your best interest to work closely with an attorney who has experience estate planning.
To Safeguard Your Digital Assets, a Red Bank Attorney is Here to Help
Are your digital assets protected in your will? We recommend talking with an experienced Red Bank estate planning attorney with the law offices of Foss, San Filippo & Milne, LLC. to make sure that your valuable digital assets are bequeathed to those that matter to you. Feel free to give us a call today at (732) 741-2525.