Digital Asset Estate Planning Lawyers
Just like how you plan for your tangible assets like houses and money, it’s vital to think about your digital assets too. Digital assets follow different rules than physical ones. Creating an estate plan for your online assets, you need to know about these special laws and basic estate planning. At Josh Krieg Law Firm our digital asset estate planning attorneys keep up with all the legal updates to make sure your estate plan covers everything you need for your digital possessions.
What are Digital Assets?
They are essentially anything you own that exists in digital form and is kept online. Under the Colorado Revised Uniform Fiduciary Access To Digital Assets, a digital asset is any electronic record that a person has rights to or an interest in. Common examples are:
- Cryptocurrency
- Social media accounts
- Domain names
- Email accounts
- Photographs stored online
- Blogs
- Online financial information
- Loyalty program benefits (airline miles, hotel points, etc.)
It’s important to note that digital assets are the online records themselves, not the actual thing they represent. For instance, your online banking details are a digital asset, but the money in the bank account isn’t.
Cryptocurrency
This is a digital asset because it exists only in digital form and relies on blockchain technology for secure transactions. Digital wallets and exchanges store and transact it, as it lacks a tangible presence unlike physical assets.
Social Media Accounts
These accounts represent a user’s online presence and identity, encompassing personal information, communication, and shared content. These accounts are maintained on platforms like Facebook, Instagram, and Twitter. They are unique assets, reflecting a person’s digital footprint and interactions, stored on servers rather than in a physical form.
Domain Names
These serve as unique addresses for websites on the internet. They have significant value, especially if they are short, memorable, or relevant to popular keywords. Domain names, intangible yet vital for online identity and branding, can be traded like physical property – bought, sold, or leased. Over time, their value appreciates, establishing them as a unique form of investment, existing solely in the digital domain.
Email Accounts
These represent personal or business communication channels. They store a wealth of information including contacts, messages, and important documents. Integral to digital correspondence, these accounts often have sentimental and practical value. They serve not just as communication tools but also as access points for various online services, making them crucial for digital identity management. Their content and associated services highlight their unique status as non-physical, yet valuable digital properties.
Photographs
Cloud services and social media platforms store photographs in digital format, capturing and preserving them online. Unlike physical photos, these digital images exist solely in the digital domain. Their value extends beyond the visual content to include the data they carry, such as timestamps and location tags. These photographs hold sentimental value and sometimes historical significance, making them important digital keepsakes.
Blogs
Blogs embody a collection of personal or professional writings, insights, and experiences shared online. They serve as a platform for expression and knowledge sharing, often attracting readership and engagement. Hosted on various platforms, blogs can be monetized, increasing their financial value. They represent a mix of personal creativity and digital presence, making them unique assets that carry both sentimental and potential economic value in the digital landscape.
Online Financial Information
Online financial information, encompassing bank accounts, investments, and digital wallets, is a digital asset due to its virtual nature and significant value. Stored and managed through internet platforms, this information provides access to funds and financial history. It’s crucial for personal finance management, to represent a person’s monetary status online. This information, being highly sensitive and confidential, highlights the importance of secure digital asset management in today’s technologically driven financial world.
Loyalty Program Benefits
Loyalty program benefits like airline miles and hotel points, are digital assets because they represent accumulated rewards in digital form. Earned through various loyalty programs, these benefits hold significant value, offering perks like free travel or upgrades. Stored electronically and managed through online accounts, they reflect a person’s engagement with specific brands and services, translating customer loyalty into tangible, albeit digital, rewards that can enhance lifestyle experiences.
What is Digital Assets Estate Planning?
Creating an estate plan for digital assets can be tricky. Since only the owner truly knows what they possess, it’s a unique challenge. It’s crucial to follow certain steps to effectively include your digital assets in your estate plan.
Make a List of Your Online Assets
Start by writing them all down, including usernames and passwords. Keep this list with your other important estate documents so your family can access it. Also, mention if these are stored in places like the Cloud. Remember to regularly update your list to avoid any of your inventory getting overlooked.
Choose a Digital Executor
Pick a digital executor who is comfortable with technology and can fulfill your wishes effectively. This person might be different from the one handling the rest of your estate. For instance, you might have online messages or photos that you prefer to keep private from your family. If you wish certain things to stay confidential until they are deleted, consider appointing someone outside your immediate family to manage this. It’s also crucial that this person stays informed about legal changes, as laws and privacy are always evolving.
Talk to our Estate Planning Lawyer About Your Digital Estate Plan
If your current estate plan doesn’t include your digital assets, or if you haven’t made an estate plan yet, it’s a good idea to contact Josh Krieg Law Firm. Our experienced digital estate planning lawyers are up-to-date on everything. They can assist you in creating a solid plan for your online possessions. We offer a free consultation where we’ll answer your questions and give you reliable advice tailored to your needs. To find out more and set up a meeting with us, call us at 970-420-7491 or use our online form.
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