Long Island estate planning lawyers can assist you in making sure your estate plan is as comprehensive as it needs to be to provide for your loved ones and to ensure your hard-earned wealth is appropriately transferred to new owners. Many people make estate planning mistakes, such as not accounting for all of their assets. We can help to ensure that this does not happen.
In particular, some of the assets that people often forget to make plans for include digital assets. Mark S. Eghrari & Associates PLLC can work with you to identify the digital assets you own, can help you to understand how these assets could impact your overall estate plan, and can work with you to use the necessary tools to account for your digital assets. Give us a call today to find out more about the help we can offer.
Why Consider Digital Assets in Estate Planning
Digital assets may not be tangible property that can be handed down to new owners, but this does not mean that these digital assets are not important. Today, the Internet has become a major part of most people’s lives. You don’t want to forget to consider this aspect of your world when you make your estate plan.
Many people don’t own valuable digital assets. They may have an email address, a Facebook page, other social media accounts, and online groups they belong to. While making plans to address these digital assets may not be as important if you don’t have valuable virtual wealth, you still likely want to ensure that the lingering issues in your online life are resolved. You may, for example, want your Facebook and social media accounts to be changed to notify your friends and family of your incapacity or of your passing. You may want your email account to be officially closed and may want the online groups you belong to to be notified about your death.
You can provide instructions as part of your estate planning process regarding who should access these digital assets and detailing what steps you want taken. If you have used the Internet to connect with loved ones, form relationships, and build your online brand, there is no reason not to take care of your online life and ensure that your affairs are wound up in this virtual world after you pass on.
In some cases, making sure digital assets are managed after death can be even more important because you may have valuable virtual assets. You may have intellectual property you own that is worth a lot of money. You could have a website with a valuable domain name, a powerful Internet business, online accounts with virtual currency, and a wide variety of other virtual assets. You may also own different kinds of intellectual property such as copyrights, trademarks, and patents.
Tracking down digital assets can be difficult for your loved ones since there are no tangible assets to find. Your loved ones may also not understand the worth of your digital assets. You’ll need to make sure you have provided detailed instructions about the virtual wealth that you own, specified who should inherit it, made plans to pay estate tax if your virtual wealth makes your estate too large, and chosen an executor of an estate who is capable of facilitating the transfer of assets – unless you make plans for this wealth to transfer outside of the probate process. Mark S. Eghrari & Associates PLLC can assist with identifying the best course of action depending upon the nature of the wealth that you own.
Getting Help from Long Island Estate Planning Lawyers
Long Island estate planning lawyers at Mark S. Eghrari & Associates PLLC will work closely with you to ensure that you have made the right plans for the transfer of all of your wealth– including digital property. We can also help you to take other necessary steps to ensure your digital life is properly wound up after you pass away.
To find out more about the services that we can provide to you, give us a call at (631) 265-0599 or contact us online. You can also join us for a free seminar to discover more about the estate planning services we offer you. You never know what the future holds, so get in touch today to make plans for your digital assets along with all of your other wealth.
Latest posts by Mark S. Eghrari, Estate Planning Attorney (see all)
- Why Do So Many People Need to Make a Medicaid Plan? - March 15, 2018
- What Executors Need to Know About Managing Estate Assets - March 13, 2018
- What Do You Need to Know If You’re Named as Guardian - March 8, 2018