Archives for February 2024

Securing your online presence is just as crucial as traditional estate planning. Digital estate planning involves managing what happens to your digital assets, including emails, social media accounts, and cryptocurrencies after you pass away.In this guide, we help you explore practical tips, legal considerations, and proactive strategies to ensure a seamless transition for your digital estate.What are Digital Assets?Digital assets refer to any form of content or information that has value in a digital format. These assets are stored electronically and can include many files and data. Some of the examples of digital assets include:Media Files: Digital photos, videos, audio recordings, and multimedia contentDocuments: Electronic documents such as PDFs, Word files, spreadsheets, and presentationsCryptocurrencies: Digital currencies like Bitcoin, Ethereum, and other blockchain-based assetsWebsites: The digital content, code, and design of a websiteSoftware: Computer programs, applications, and digital toolsSocial Media Accounts: Profiles and content on platforms like Facebook, Twitter, Instagram, etc.Domain Names: Digital addresses used to identify websites on the internetE-books and Online Publications: Digital books and other written content that are distributed electronicallyDigital Art and Designs: Artwork, graphics, and designs created and stored digitallyData and Databases: Information and databases stored in digital formatsDifference Between Tangible and Digital AssetsTangible assets are physical items with a concrete presence, while digital assets exist electronically. Here are some key differences:Physical PresenceTangible assets have a physical presence and can be touched or seen.Digital assets lack physical substance and are stored electronically.Storage MediumTangible assets are typically stored in physical locations like warehouses or offices.Digital assets are stored on electronic devices, servers, or the cloud.AccessibilityTangible assets require physical access to the location where they are stored.Digital assets can be accessed remotely through electronic devices with the necessary permissions.TransferabilityTangible assets may require physical transportation when transferred.Digital assets can be transferred instantly over electronic networks.Value RepresentationTangible assets often have a direct correlation between physical condition and value.Digital assets derive value from intellectual property, usage rights, and market demand.What Constitutes Digital Estate Planning?Have you noticed how practically everyone’s living their life online these days? It’s true! With so much happening on the internet, making sure your online stuff is safe through estate planning has become a must-do. Let’s discuss why looking out for your digital assets is a smart move in today’s digital world. With the increasing reliance on digital platforms and online accounts, including digital assets in estate planning has become essential. Here are seven critical aspects of digital estate planning:1. Account InformationCreate a comprehensive list of all your online accounts, including usernames, passwords, and necessary recovery information. Store this information securely, considering options such as encrypted password managers or a designated digital executor.2. Digital ExecutorNominate a digital executor in your will or through a specific digital estate planning document. The digital executor manages and distributes your digital assets according to your wishes.3. Access and AuthorizationUnderstand the terms of service for various online platforms regarding access and transfer of accounts after death or incapacity. Specify your preferences for who should have access to specific accounts and data.4. Memorialization and DeactivationProvide instructions for how you want your digital presence handled after your passing. This may include memorializing social media profiles or deactivating certain accounts. Consider whether you want notifications sent to contacts upon your passing.5. Data Backup and StorageEnsure that critical digital files and data are regularly backed up and instructions for accessing backups are clear. Specify where backup devices or passwords to encrypted backups are stored.6. Legal DocumentsIntegrate digital estate planning into your overall estate plan, including it in your will, trust, or a separate document. Consult with legal professionals specializing in estate planning to address your digital assets appropriately.7. Regular UpdatesPeriodically review and update your digital estate plan to reflect changes in your online presence, accounts, or preferences.Legal Framework and RegulationsThe Arizona Revised Statutes on the Access to Digital Assets Act, Section 14-13106, outline procedures for disclosing a user’s digital assets.Custodians can give full or partial access to a fiduciary or designated recipient. They may also provide a copy of the user’s digital assets if they could have accessed them while alive. Custodians can charge a reasonable fee for this service and are not required to disclose deleted digital assets.If a user or fiduciary asks for specific assets, the custodian can refuse if it’s too difficult to separate them. In such cases, the custodian or fiduciary can go to court to request disclosure, specifying which assets they want, if any, or letting the court review all the assets privately.Safeguarding Your Digital Assets: Brown & Hobkirk’s Expertise in Digital Estate PlanningDigital estate planning is crucial for securing your legacy. Brown & Hobkirk, your experienced estate planning lawyers in Arizona, stresses the importance of a strategic approach in dealing with digital assets. Our expertise highlights the need to stay ahead in the ever-changing digital landscape.As expert estate planning lawyers, we emphasize the need for a thoughtful and comprehensive approach to digital estate planning. We have witnessed firsthand the complications that can arise without proper preparation.Schedule a free consultation with us to ensure a seamless transition of your digital assets and protect the memories you’ve created online. Let’s work together to secure your digital legacy for future generations.Kyle BrownKyle primarily focuses on representing clients in serious personal injury claims and wrongful death cases. He also assists clients with estate planning, estate administration, divorce, family law and other related legal matters.Read Morewww.brownhobkirk.com/about-us/kyle-brown/

Archives for February 2024

Digital Estate Planning: Protecting Your Online Legacy