Why Do You Need a Digital Asset Power of Attorney?

Creating a power of attorney (POA) isn't a new notion. Your Orange County estate planning lawyer can frequently help you name POAs to manage financial choices, business transactions, and even medical directives in your estate plan.

Have you ever idea about what happens to your email, social media, and online banking accounts when you lose power? You can guarantee that your digital assets are not only safeguarded but also in the right hands at the appropriate time by consulting with an estate planning lawyer in Orange County like Parker Law Offices.

What Are Digital Assets and How Do They Work?

A digital asset, as your Orange County CA estate planning attorney will tell you, involves both hardware and data.

Computers, cell phones, external hard drives, flash/thumb drives, tablets, e-readers, digital music players, and other devices are examples of hardware.

These goods are not only digitally encoded, but they also have a monetary worth.

Data is information that is saved on hardware or on third-party servers, such as the cloud. Domain names, e-commerce accounts, online storefronts, income-generating online accounts, and other data have monetary value.

Photographs, papers, films, music, and other digital assets that do not have a monetary worth are also available.

The World Is Changing Into a Digital World

Digital assets are becoming more common in today's world. Physical photo albums or Video Home System (VHS) tapes that family members can access are becoming less prevalent.

In fact, most people are storing these types of assets online, where they are solely accessible by the account owner.

Many people are converting other important aspects of their lives into digital assets in addition to personal data. Going paperless for utility bills, bank statements, investments, and more, as well as wholly digital entities like bitcoin, are all examples of this.

An Orange County estate planning lawyer can assist you in protecting your digital assets.

A power of attorney (POA) allows a person of your choosing to make decisions on your behalf if you are incapacitated or pronounced dead, as long as the POA is followed.

These powers can include selling your home or making medical care decisions; a similar structure exists for digital assets.

Consider the following scenario: your executor is responsible with paying off bills, closing accounts, and so forth. Your executor may not be capable to fulfill these responsibilities if you only get invoices, statements, and account information via the internet.

In the best-case scenario, they'll have to seek a court order to gain access to your email or internet accounts. In the end, this method will complicate the administration of your inheritance and may squander time and money.

You probably have many online profiles and accounts on sites like Facebook, Twitter, LinkedIn, Instagram, TikTok, and other social media platforms. There may be a need to terminate, update, or alter these accounts.

Your executor may need to get a subpoena or face protracted court fights if there is no POA for these digital assets.

Allow Parker Law Offices to protect your digital assets.

We can not only help you prepare your estate in Orange County, but we can also preserve your digital assets.

That entails securing account information, passwords, and internet accounts so that only people you designate have access to them when they're needed. We can also help you in ensuring that your loved ones have access to your online digital imprint, such as password-protected social media accounts and emails.

During your free one-hour consultation, learn more about how to properly account for your digital assets.

Our priority is to get your affairs in order, so contact our experts at Parker Law Offices today.

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