Don't Neglect to Protect Your Digital Assets! How Would Your Accounts and Assets be Accessed After You Pass?

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April 5, 2022 •  The Estate & Elder Law Center of Southside Virginia, PLLC
Digital Asset Management Planning is a growing concern as these are modern times, and more and more things are being done online! In the news, cryptocurrency Billionaire Matthew Mellon best known for his investments in the cryptocurrency Ripple (XRP), passed away recently leaving up to 500 million dollars in digital assets that may now simply be lost […]
Robert W. Haley, managing lawyer
Robert W. Haley
Certified Elder Law Attorney® Robert W. Haley brings over 27 years of legal expertise and knowledge to his firm, which concentrates solely on the areas of elder law, estate planning (Last Will & Testaments, Durable Powers of Attorney, Health Care Powers of Attorney, Living Wills, Trusts, etc.,.) Asset Protection/Medicaid Planning and fiduciary services. For many years, Robert practiced in real estate law, and in general practice, but decided to narrow his focus to elder law and estate planning when he realized the tremendous need for proper planning to be filled in Southside Virginia.

Digital Asset Management Planning is a growing concern as these are modern times, and more and more things are being done online! In the news, cryptocurrency Billionaire Matthew Mellon best known for his investments in the cryptocurrency Ripple (XRP), passed away recently leaving up to 500 million dollars in digital assets that may now simply be lost forever! Everyone regardless of age or wealth-level can fall victim to the trap of not properly planning ahead! 

Click on this link to check out the full article: https://usethebitcoin.com/xrp-billionaire-owner-unexpectedly-dies-leaving-500-million-saved-in-ripple/

This is a high profile example of an increasing issue! Today the average person in the U.S. has more than 130 digital and traditional accounts, and 93% of Americans do not know how these accounts will be managed. Digital assets include any online account that requires a login and a password, or key such as email, online bill-pay, debits, shopping sites like Amazon, PayPal, eBay, and travel rewards as well as Bitcoin and other cryptocurrencies, apps, subscriptions, podcasts, photographs and music libraries, and social media sites. Even health records are increasingly archived online.

Digital assets also include all your hardware or devices such as computers, laptops, smart phones, tablets, e-readers and memory devices. Many computers automatically back-up data storage on the cloud, which may contain intellectual and sentimental property. Consider how emails have taken the place of letters and that many families archive memories, photographs, and more online. These accounts hold real value,and should be preserved. At best, failure to provide clear directives for all accounts can leave your estate vulnerable to fraud, your heirs subject to costly legal action, or other roadblocks in administering your estate.

To address this growing concern, The Estate & Elder Law Center of Southside Virginia is proud to offer our clients access to the most current technological solutions to their estate planning needs. Our firm can orchestrate simplifying the organization of digital assets and their directives. Thus, account holder’s final instructions are clear and express. Estate planning and administration is facilitated and in compliance with, Terms of Service and federal and state legislation. We work in conjunction with innovative services that can help you create a list of your digital accounts and assign directions for how you want those accounts handled. When the estate plan goes into effect, this service will applies those directions in cooperation with our firm. This service does not record passwords. Nor does it view the account contents, credit card expiration dates and other sensitive information. This service only knows your account exists and protects the integrity of your information in a secure server. We understand security is a priority and your personal and confidential information is highly valued. For more information on how we can help you get your digital estate in order, please contact us! For an overall example of one of the processes that we utilize, check out this brief video clip from our firm's YouTube page:

Digital Asset Management Planning Overview

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