Because of the proliferation of smartphones and computers, the expansion of the internet, and the proliferation of digital platforms such as social media and email, a significant portion of our lives is now spent in the cloud or online, where we generate and store huge amounts of data.
Usernames, PINs, and passwords are used to protect this data. If our personal information is compromised, as well as bank account and credit card information, it is possible that it will fall into the wrong hands.
Due to the fact that we are still in early phases of the digital age, it is easy to lose path of all the information we save online and what will happen to it once we die away. If you are considering about creating an estate plan or making adjustments to an existing one, you should think about what will happen to your digital assets and who should have access to them by consulting with an Orange County estate planning attorney about your options for transferring ownership.
Learn about digital estate planning and how to protect your electronic information by incorporating it in your will or trust plan.
Designing a Conceptual Framework for Digital Estate Planning
Making provisions for the disposition of your digital assets after death is part of the process of digital estate planning. Making an inventory of your digital assets is the initial step (you have more than you think). You'll then want to review the terms of service with your service providers, including any instructions and possible limits on transferring these assets. When it comes to estate preparation, an Orange County estate planning attorney can be of great assistance.
Keeping Your Digital Information Private and Secure
Make a list of all of your digital assets to get started. Once you get started, you'll quickly notice how much of your data is generated by computers. Also include details on how your loved ones can access the assets along with the list of assets. Knowing how to access the following devices and platforms, among other things, is essential: knowing any passwords and how to gain access to them.
In addition to computer hardware and software (such as laptops, tablets, and smartphones), digital music players, cameras, and e-reader devices are all important factors.
Photographs, films, and eBooks are examples of digitally recorded information.
Emails, text messages, and social media profiles are all examples of online communication channels
BlockFi is a cryptocurrency savings account that uses digital currencies, like your Bitcoin wallet.
Websites and blogs, as well as the domain names and domain registrars from whom they were obtained.
Consider some of the most essential digital assets that exist today in greater depth.
Photos
In the midst of ensuring that your will or trust is in order and that all assets have been included and distributed to individuals you care about, it's easy to overlook things that cannot be physically touched. These profoundly sentimental pictures in time are one of the significant digital assets that are easy to overlook in today's digital age, given that practically all of our photographs are now produced and saved digitally.
Take a spots at all of the various digital platforms where your images may be located. A Shutterfly, a DropBox, or a Google account are all good options. What about social networking spots such as Facebook and other similar platforms?
Areas
One of the most aggravating situations is when a family member requests any photographs taken by a deceased loved one. Sadly, this occurs on a regular basis nowadays. In order to enter a password on an iPhone or iPad, you only have a certain number of attempts. The gadget is locked when those password attempts are exhausted, and Apple is unlikely to unlock it for anyone—including the device's owner—for the foreseeable future. As a result, if the device cannot be operated at all, the factory settings must be restored, and all data (including images) must be deleted.
These priceless family recollections could be gone forever if no one knows how to gain access to devices such as cellphones.
Only photographs can be lost forever, as they are the only items that can be. Accounts on email servers, which may be accessed with the correct password in hand, may be compromised and permanently lost.
Accounts that can be managed online
It is possible to lose and forget goods that have sentimental significance, as well as items that have monetary worth. Sometimes this is owing to your beneficiary's inability to gain access to them, while other times it is simply due to the reality that no family member, accountant, executor, successor trustee, or lawyer is aware of their existence or of their whereabouts. The regulations safeguarding personal identity and data privacy laws in place today, as well as the limited access to digital accounts, make accessing information after the owner's death difficult, if not impossible, in many cases.
Identity Theft and How to Avoid It
Theft of identity and fraud affect millions of people worldwide every year. Mortgages, student loans, auto loans, and credit cards are among of the most frequently targeted financial instruments. In reality, thieves can obtain access to online accounts and take control of them as well as offline ones.
It is possible that your estate could lose money if you do not liquidate or transfer accounts. Creditors may bring claims against your estate for new outstanding charges, and your family will lose time and experience significant difficulties if identity theft or fraud occurs.
A breach can be detected by some third-party companies, but the process is generally time-consuming and difficult to complete. Cybercriminals are well knowledgeable of this and take advantage of it to steal as much information as they can.
Data Retention and Storage
Make a list of your online assets and digital accounts, but make sure to keep the access details private so that your loved ones may access them in the event of your dying. An executed will becomes public record once the document is filed. Consult your estate planning attorney in Orange County about the best way to include your digital assets in your estate while yet maintaining their privacy.
Please keep in intellect that not all attorneys are up to date with their estate planning documentation. They may not incorporate digital information protection for your loved ones in their documents in these instances. Choose your lawyer carefully while preparing your estate planning documents in light of these considerations.
Ensure that your lawyer feeds you with power of attorney over your digital assets in your estate planning agreements as a remedy to this problem. Thus, the person to whom you grant power of attorney will have a far greater likelihood of gaining access to your digital property. Crucial: It is critical to inform the agent for your power of attorney, executor, or successor trustee of the placement of your important documents. Provide them with the name and phone number of your Orange County estate planning attorney, who may be able to provide them with a copy of the paperwork they require.
Identifying the Beneficiaries of Your Organization
You should now decide what you want to do with your digital assets once you have a list of everything. You may wish to have some digital property destroyed, but you will almost certainly wish to transmit some of the information to your beneficiaries as part of your estate planning.
Include your intentions in your will or trust, and advise your executor or successor trustee of how you would like this asset to be handled, as well as the location of your information.
At Parker Law Offices, we've dealt with numerous people, families, and businesses, ensuring that their last wishes are carried out and protected. We are able to identify assets, especially those that can be easily forgotten, including digital holdings often when the right digital asset terminology is in your estate planning paperwork.
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