Top estate planning lawyer of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA stresses the importance of including digital assets in estate planning to ensure proper access, management, and distribution after death. For more information please visit https://www.brumfieldlawgroup.com
-- In today's digital age, it's easy to overlook the virtual assets that should be considered when creating an estate plan, warned Probate Attorney Robert Brumfield.
For more information please visit https://www.brumfieldlawgroup.com
“With our lives becoming increasingly digital, so have our assets,” Brumfield explained. “As more aspects of life transition into the virtual world, managing digital assets during probate has become an essential part of estate planning.”
Digital assets, which exist online or in virtual form, may not be tangible, but they hold real value. From social media accounts like Instagram and Facebook to cryptocurrency, digital assets encompass a wide range of items that need to be accounted for in an estate plan. Even the devices where these assets are stored—computers, tablets, or smartphones—can be considered part of an estate.
While family photos may have sentimental value, other digital assets like profitable blogs, YouTube channels, or music and artwork can continue generating income after a person’s death. Intellectual property, domain names, online businesses, and eBooks could also be valuable assets that should be included in estate planning.
Brumfield emphasized the importance of properly managing digital assets in an estate plan to ensure they are passed down smoothly.
“We all possess digital assets, from cryptocurrencies and online accounts to social media profiles and intellectual property rights. Handling these assets can be complex, and it’s crucial to plan for their protection and distribution,” he said.
He advised individuals to identify and catalog their digital assets, as it may be difficult for loved ones or executors to locate them without proper documentation of passwords or cryptocurrency wallets.
Security and access to these assets are critical, which is why it’s important to designate a digital executor with the appropriate access and passwords.
“The legal landscape surrounding digital assets is evolving rapidly, but it's essential to provide clear instructions in wills and trusts regarding how these assets should be handled,” Brumfield noted.
He continued, “What’s in the cloud shouldn’t remain in the cloud and cause confusion or conflict for your family after you pass. The best course of action is to proactively document who gets what, including both sentimental and financial digital assets.”
A digital executor, armed with all the necessary information, passwords, and instructions, should be able to navigate and manage digital assets with ease.
“Think about what should be closed down after you die and what can be passed on to beneficiaries,” Brumfield concluded. “When planning your estate, ask your attorney what digital assets should be included and how to address any potential issues. A digital plan is an important part of your overall estate plan.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: 661-464-7770
Website: https://www.brumfieldlawgroup.com
Release ID: 89159041
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