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Jul. 27 2015

Have You Considered Planning for Your Digital Assets in Your Estate Plan?

By Steve Elville | Posted in Estate Planning | No Comments

Authored by:  Ollvia R. Holcombe-Volke, Esq. – Elville and Associates – 443-393-7696, olivia@elvilleassociates.com

The law regarding digital assets is evolving, though its ability to keep pace with the evolution of digital assets themselves is an impossibility.  These days, most, if not all, photographs, personal communications, and personal information are digitally stored – not to mention financial information, business and legal documents, and tax records.  We’ve all experienced the frustration of forgotten passwords and re-establishing access to our digital accounts.  But what happens to all of that stuff when we become incapacitated, or die?

Including a “Power to Manage Digital Assets” in a Power of Attorney document (authorizing an Agent to act on your behalf) is one step toward addressing this issue.  Reviewing the terms of any agreement you may have with various digital service providers, and putting into place their specific authorizations for someone else to access and manage your account, is another.  For solo businesses with significant digital assets, establishing a business succession plan and addressing this issue in the company’s documents is imperative.  Most importantly, discuss this issue with your attorney.  Otherwise, access to vital personal and business digital assets may die with you.

Steve Elville

About

Elville & Associates engages clients in a multi-step educational process to ensure that estate and elder law planning works from inception, throughout lifetime, and at death. Clients are encouraged to take advantage of the Planning Team Concept for leading edge, customized planning. Legal Services Include: Wills, Trusts, Estate Tax Planning, Powers of Attorney, Living Wills/Advance Medical Directives, Medicaid Asset Protection Trusts, Medicaid Planning and Qualification, Estate Administration, Fiduciary Representation, Nursing Home Selection, Guardianships, Special Needs Planning for children and adults, Social Security Disability Income (SSDI), Supplemental Security Income (SSI), and IRS tax controversy.

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