How Do Digital Assets Fit into Your Estate Planning in New York?

So, you have commenced writing your will. No doubt you will see to your house, your money, your car and other physical property. You may even designate where your photographs will go after you have passed on. But have you considered what will happen to your digital assets? But what are digital assets and how do you bequeath them to the people who will properly cherish them? If you find yourself pondering these questions, please read on, then contact an experienced Putnam County wills attorney to learn how digital assets fit into your estate planning in New York.

What are digital assets and how do they figure in estate planning?

Digital assets are any online records that you own. These online records come in the following forms:

  • PDFs
  • Videos
  • Presentations
  • Audio files
  • Images
  • Spreadsheets
  • Graphics
  • Design files
  • Domain names
  • Blogs
  • Electronic storefronts
  • Cryptocurrencies
  • Social media accounts
  • Financial records stored on your phone, computer or your cloud

Basically, anything that exists in a digital format, and that you own the rights to use, is a digital asset. If you do not know the rights, they are not considered assets.

How do you pass on digital assets in a will in New York?

To pass on your digital assets in your will, you should start by listing your digital assets. This will enable loved ones to know what you have and where they can find it. This list should include all your important passwords, online accounts, including email and social media accounts, and digital property, i.e. domain names, virtual currency and money transfer apps.

Why do you need a New York estate planning attorney to manage digital assets?

By planning ahead and reaching out to a skilled Putnam County estate planning attorney to discuss your next steps, you can arrange for full access to your digital property, keep administration costs down and ensure that no valuable or significant digital property is overlooked. If you die without providing for your digital assets in a will, your digital property could pass through a succession of increasingly distantly related hands. These distant relations might not ascribe the same sentimental value to your digital property. If the state of New York can’t find any relatives, it will inherit your property. At that point, the state may permit it to languish in electronic purgatory or simply delete it. If you did not value your digital property, you would not have kept it. Do not let strangers decide what happens to it. Give us a call today.

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wishes to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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