Your Knowledgeable Santa Barbara County, CA, Estate Planning Lawyer

Key Components Of Digital Assets Estate Planning

Unlike other assets in estate planning, digital assets are still relatively new, and a majority of people do not consider adding them to their estate plans unless they are of significant value. If you’re seriously considering a digital assets estate plan, you need to familiarize yourself with the key components, which are:

• Identification:
  The first step of your digital assets estate planning is to identify the digital assets. They can include your social media profiles, email accounts, investments in cryptocurrencies, online banks, and even digital photo collections.

  Exhaustively identifying these assets ensures nothing will be overlooked in the documentation and that all necessary active subscriptions are maintained.

• Create An Inventory:
  After identifying the different digital assets, you will need to create an inventory that will organize the assets. The inventory includes details such as passwords, Usernames, and security questions.

  Creating the inventory should help executors understand the significance of each asset. You should ensure the inventory is a secure document and is protected from unauthorized access.

• Appoint An Executor:
  Just like your other assets, you will need an executor for your digital assets. This can be the same executor as your other assets. The executor will require legal authorization through a trust to manage the assets. You may want to consider selecting someone familiar with digital platforms to help streamline the process and maintain compliance with your will's legal requirements.
• Legal Considerations:
  With digital assets estate planning, an expansive understanding of the law is necessary, which is why you need to work with a digital assets estate planning law firm. This not only helps to ensure the will is legal but also ensures that the digital assets are managed in compliance.

  Some of the laws that must be observed in the transfer of digital assets after death include the United States Revised Uniform Fiduciary Access to Digital Assets Act or the RUFADAA, which regulates email and social media platforms and grants access to fiduciaries. Other legal considerations in California include the terms-of-service agreements and data privacy laws.

Benefits Of Addressing Digital Assets In Estate Planning

One of the reasons you should work with a lawyer to prepare estate planning documents is to ensure none of your assets are left out of the will. Your digital assets should also be captured in your last wishes for the following reasons:

• Simplifying Access For Family Members:
  You may not wish to divide your digital assets among your family members, but you may want them to benefit from them. By providing clear instructions and access to your digital assets, you can reduce stress and confusion and prevent financial losses arising from inaccessible assets.
• Preserving Your Digital Legacy:
  Digital properties such as social media accounts and others that have sentimental value can be preserved, managed, and used to carry on your legacy according to your wishes.
• Avoid Legal Complications:
  Just like physical assets, not having clear instructions about your digital assets can lead to legal violations and disputes. With a comprehensive digital assets estate plan, you can minimize these risks.

Contact Us To Secure Your Family’s Future Today!

It’s never too early to start working on your estate plan.

Do you rely on digital assets to make a living? Or have you invested extensively in digital platforms and assets like cryptocurrency? You shouldn’t leave these valuable assets out of your estate plan.

Digital assets can be as helpful as any other assets in securing your family’s future. At Burton Law Offices, we can help you create a solid and legally binding estate plan that includes your digital assets. As your estate planning lawyer near me in Santa Barbara County, CA, you can leverage our legal and business knowledge to make crucial decisions about your estate. To get started or to review your current will, you can reach us at (818) 514-1355 for answers to your legal questions and a free initial consultation.