Articles Posted in Digital Assets

pexels-photo-335907-300x201There are some clear benefits to storing your will and documents online. You and your spouse (or other authorized people) can access them anytime, from anywhere. We are used to putting our lives online.  However, there are also some downsides to consider before doing so, according to a helpful article from CNBC titled “Here’s what you need to know before storing your will online.”

It’s good to have all your important documents in one place. Make sure that the people who will need access, such as executors, know that you’ve done so or the cloud storage may well be pointless.

Online storage can also facilitate family conversations about estate planning. Even tech savvy adult children who scoff at parents who don’t engage in social media, will be impressed by a decision to go digital.

However, there are pitfalls. Continue reading

digital-nightmare-1160104-640x480-300x225“What will happen to my online accounts, such as email, social media and digital music services, when I die?”

So much of our lives is lived online, that we don’t give it a second thought—until a person with an active digital life passes away. Then what happens? According to this article from the American Bar Association’s Real Property | Trust and Estate Law Section titled “Digital Property FAQs,” it’s not as simple as logging in using your family member or friend’s user name and password.

What happens to digital accounts after a person passes, depends upon the laws in your state and the terms of service the user agreed to when opening an account with each digital platform. Just because you are the executor or personal representative of the decedent, does not automatically give you access to their online accounts. The decedent must have given you specific consent following the rules of that social media platform. Continue reading

Bitcoin-300x161Estate planning is only effective if it includes all of your assets. In most cases this is not a big deal. Major assets like your home have a deed that clearly establishes legal title. Other liquid assets such as a brokerage account are maintained by a trusted third party that must follow certain regulatory standards.

How Cryptocurrencies Work Continue reading

digital assetsProbate in Wisconsin has traditionally dealt with two kinds of property – the physical and the intangible. The latter, intangible, refers to assets like bank accounts or stocks that lack a physical form yet serve as a defined store of value.

These days there is another, distinct type of intangible property that we all possess in one form or another: digital property. This encompasses everything from your email to your iTunes account with thousands of downloaded songs and videos. Up until recently, figuring out what happened with your digital property upon death meant looking at the terms of service for every company with which you do business. In other words, Facebook may say one thing when it comes to whether or not your estate can access your profile post-death, while Google may say something completely different with respect to the fate of your Gmail account. Continue reading

Many people don’t like to talk about death but they will if it has anything to do with protecting their assets – including digital assets. Digital assets are your online accounts, digital currencies, online accounts, passwords, digital files, user names, and any Terms of Service Agreements (TOSA) that you signed. With the growth of digital technology and Estate Planning in the Digital Ageuse, these assets are expected to be worth over US$5 billion by year 2020. You will need and should have a will drawn up to protect these assets either after death or in case of incapacity to ensure that your loved ones gain legal access to these assets.

The First Step: Assigning Assets

Before anything else, you will have to list down all your digital and traditional assets since your will or estate documents will incorporate all assets. You will need a fiduciary, an executor for your traditional assets, a personal agent with power of attorney in case of incapacity to make decisions, and a trustee. These are the individuals chosen by you to manage all your assets according to your wishes so it is important to select them wisely.

The main issue facing digital assets is the fact that they are not tangible assets and exist primarily on the Internet. The individual tasked to manage your digital assets will have to deal with extenuating circumstances far different because these digital assets may or may not have monetary value. In fact, they are valuable to you because they represent something sentimental to you like a memory or a milestone.

The Second Step: Understanding the Laws on Digital Assets
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