Digital Asset Issues
A New Age Of Technology
In this new age of technology, an estate will likely include more than just tangible property. The average person has an average of 25 different online accounts that require passwords in order to access important information such as online banking, email accounts, or digital documents. Do you or your family have a plan for your digital assets?
What is cryptocurrency?
Cryptocurrency is a digital currency that is not yet regulated by any central authority or bank. This currency involves a series of encryption codes that are stored in virtual wallets, which can be cloud-based or in “cold” storage. Bitcoin, Litecoin, and Ethereum are but a few of the seemingly endless iterations of cryptocurrency. The use of these currencies has had a profound effect on Estate Planning, Estate Administration, Child Custody/APR cases, and asset divisions in Divorce and Legal Separation cases.
Cryptocurrency & Estate Planning
With cryptocurrency becoming increasingly popular around the world, it is becoming a more common part of estate planning and asset division. It is crucial to ensure that if something were to happen to you or a loved one with cryptocurrency, the ownership is transferred to those entitled to it.
There may be many unfamiliar hurdles to jump over to get to the cryptocurrency since virtual currency is different than traditional legal tender. Cryptocurrency cannot be physically handed over to the rightful heir as paper money can. Ownership cannot be automatically transferred into someone else’s name after death like other bank accounts. Therefore, it is crucial for owners of cryptocurrency to plan for the transfer of their digital assets by providing the necessary information to whoever will inherit.
Things to consider for owners of cryptocurrency:
- Who will know that you have cryptocurrency?
- How will they find the currency?
- What passwords or encryption codes will they need to access the currency?
- Will they know how to liquidate the currency?
- Have you been nominated or appointed as a personal representative who is trying to answer these questions?
- Contact Gendelman Klimas to discuss your cryptocurrency issues by using the button below
Remembrance Through Social Media
Viewing the social media pages of a deceased loved one can be a significant part of the healing process. It can allow someone to be fondly remembered by friends and family through access to their shared photos and posts made in the past. Unfortunately, it is far too common for people to start arguments or “troll” by making inflammatory and hurtful comments on a deceased person’s social media page. This is sometimes referred to as a “RIP Troll.” These are all reasons to consider social media pages in regards to Estate Planning and Administration.
Social Media & Estate Planning
Some people may wish to have their social media pages handled in a particular way upon their death or incapacity, such as having it erased, backed up for family members, or have a “legacy profile” created. If you are administering an estate for a decedent who had a social media page, you may want the knowledge on how to legally and adequately deal with the decedent’s social media presence. Few Estate Planning and Estate Administration attorneys have this knowledge or expertise, but the attorneys at Gendelman Klimas do. Call Gendelman Klimas to discuss Estate Planning or Estate Administration regarding social media pages using the button below.
Blogs & Estate Planning
A blog may not be something at the top of the list when considering Estate Planning. However, blogs are a digital asset that may have more importance than you think. Later on, you may have the desire to read blogs written by a loved one as part of the healing process and a way to hear their voice again through their writing. In particular with blogs that produce income, it is important to know who is responsible for maintaining the hosting for the blog’s website, develop a plan to ensure continued income through the estate administration process, and determine how and whether to liquidate the blog.
Here are a few necessary questions to answer regarding blogs as a digital asset:
- Do you have a blog that may have sentimental value to your loved ones after you pass?
- Do you have a blog that produces income or has value?
- Have you thought about how you want to address your blog upon your death or incapacity?
- Do you want to leave your blog live online or have it archived?
- Who will access the blog and how?
Few Estate Planning or Estate Administration attorneys understand these complex and new legal issues, especially since Colorado’s passing of the Revised Uniform Fiduciary Access to Digital Assets Act (“RUFADAA”) in 2016, but the attorneys at Gendelman Klimas do. Call Gendelman Klimas at 720-213-0687 to discuss Estate Planning or Estate Administration regarding handling a blog, or contact our attorneys using the button below.
Digital Media & Estate Planning
We are officially living in the digital age. The reality is that your assets probably do not take the same form now as they did 20 years ago. Whether it is music, photos, or a variety of different documents, the majority of people are storing some of their most important media digitally. This has a legal and practical impact on your Estate Planning, which many attorneys fail to understand and appreciate. Gendelman Klimas gets it.
Don’t Let Memories Be Locked Away
Digital photos may be one of the most treasured memories stored on your computer, smartphone, or in the cloud and losing access to these could feel devastating to loved ones wishing to see them. Music may be stored on a hard drive, in specific software such as iTunes, or on specific devices and may not be accessible without the proper permissions and passwords. Possibly some of the more critical digital assets are documents. These include anything from financial records to spreadsheets containing valuable information. Knowing what it will take to access these is important and can often be overlooked.
Ask these important questions when considering Estate Planning for your digital assets:
- Where are your photos and who will have access to them?
- Where are your financial and personal records? Will they be needed for legal purposes? Who will be in charge of them?
- Where is your music stored? Who will be given ownership of it?
- If you are a nominated fiduciary dealing with locating and distributing documents, photos, or music, Gendelman Klimas can help. Speak with one of our attorneys today about Estate Planning for your digital assets by calling us at 720-213-0687 or by using the button below.
If you are a nominated fiduciary dealing with locating and distributing documents, photos, or music, Gendelman Klimas can help. Speak with one of our attorneys today about Estate Planning for your digital assets by calling us at 720-213-0687 or by using the button below.