Digital Asset Management Planning is a growing concern as these are modern times, and more and more things are being done online! 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 such as email, online bill-pay, debits, shopping sites like Amazon, PayPal, eBay, and travel rewards as well as apps, subscriptions, podcasts, photographs and music libraries, and social media sites. Even health records are increasingly archived online. For a high-profile, $500 million example in the news recently of what can happen when digital assets are not adequately protected, check out this blog article.
Digital assets also include all your 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.
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 revolutionary 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, that service will apply 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 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