Many individuals own a variety of digital assets which can include anything from domain names, stored photographs, online stores, music, PayPal accounts, along with all the social media accounts.
Your clients may have planned for loved ones to eventually inherit a house or an antique car, or other family heirlooms. But as your client’s lives become a life with an increased online presence you may be overlooking a very important type of asset. Digital assets.
If your client’s estate plan isn’t accounting for digital assets properly, their heirs may not have access to them. It’s become the norm to store financial records in computers, smartphones, or in the cloud. Accounting for digital property in an estate plan has become essential and relatively it’s simple to do.
From a legal point of view, digital property is like other types of property that can be transferred to heirs through estate plans. Certain obstacles can be faced by families when a loved one passes and they try to gain access to the deceased’s vital personal information online as laws and practices are still being defined by companies such as Facebook, Google, eBay, etc.
Have your clients create an estate plan that is tech-savvy.
Since digital assets are relatively new the laws are constantly being updated, this is where partnering with an estate attorney to help your clients is helpful. Call us today at 248-435-0400 to get started.
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