This following article titled “In Support of Sensible Legislation on Digital Assets” is featured in the October 2014 issue of the San Fernando Valley Bar Association‘s Valley Lawyer Magazine (view pdf):
For the past ten or so years, new articles have abounded regarding the difﬁculty in accessing the digital records of the dearly departed. Famous examples include:
- Justin Ellsworth, the U.S. Marine who was killed while serving in Fallujah, and his father’s desperate pleas to access his Yahoo account, which were denied.
- Karen Williams, whose 22-year-old son was killed in a motorcycle accident, and her desire to access his Facebook account, which was also refused.
Both parents were faced with bureaucratic roadblocks during a time when emotions were already being pushed to their limits.
The problems associated with digital records are exacerbated by Continue reading
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Tagged attorney, California, California Probate Code, Digital Accounts Act, Digital Assets, digitized assets, Electronic Communications Privacy Act, Estate Plan, Estate Planning, Facebook Account, HB 345, Jack Markell, Joel Anderson, Justin Ellsworth, Karen Williams, KC Knox, KC Marie Knox, Law, Law Firm, Laws, lawyer, Legistlation, Los Angeles, probate, San Fernando Valley Bar Association, santa clarita, SB 849, SFVBA, Stored Communications Act, Uniform Law Commision, Valencia, Valley Lawyer Magazine, Woodland Hills, Yahoo account
Continuing from our Blog series on Digital Assets, here are a couple ways you can protect you and your family:
Identify your digital assets
You can break them down into broad categories (email, domain, storage, finances, banking, stocks, bonds, securities, taxes, retirement, insurance, credit cards, debts, utilities, businesses, social, media, loyalty and other) and for each asset identify the username, password, account number and any other identifying information necessary to access the asset.
There are many sites to store this information or you can store it to a tangible media source (such as a DVD, portable hard drive or flash drive) or Continue reading
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Tagged Anker Hymes Schreiber, assests, attorney, Digital Assets, digital fiduciary, Doug Schreiber, Estate Planning, KC Marie Knox, Larry Hymes, Law Firm, lawyer, Los Angeles, power of attorney, San Fernando Valley, Trust, trustee, Woodland Hills
How many of you get “paper” bank statements? How many you write “paper” checks to pay your monthly bills? How many of you pay your bills through automatically scheduled payments? How many of you store and save your personal information on your computers and on third party sites? And what happens to this information if you are no longer around? Can your family get access to it?
According to a 2011 Census more than three-quarters of all Americans owned a computer. That number increased to nearly 90% of all Americans who had a bachelor’s degree or higher. Today, the vast majority of the population owns a computer and with it, what are now referred to as “digital assets”.
A digital asset has been defined as “information created, generated, sent, communicated, received or stored by electronic means on a digital device or system that delivers digital information.” In common parlance, digital assets include personal information contained in:
- Online accounts with financial institutions (e.g. banks or credit card companies)
- Social media accounts such as Facebook, LinkedIn, YouTube, Twitter, where a third party allows the account holder to store personal information
- Online accounts with forums such as Amazon, eBay or Craigslist, that not only allow users to buy and sell but facilitate such transactions with on-line currency accounts such as Paypal.
- Reward programs, such as frequent flyer miles or reward points.
Click here for Part 2 of “The Care and Preservation of Your Digital Assets”, where we will be discussing examples of digital asset disasters. If you have specific questions regarding your digital assets, you can contact our Estate Planning Attorney in Woodland Hills, Ca today.
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Tagged Anker Hymes Schreiber, attorney, Digital Asset, Digital Assets, Estate Planning, KC Marie Knox, Law Firm, lawyer, Los Angeles, personal information, Preserving Digital Assets, Woodland Hills
Whomever you named as successor trustee will take over the administration portion of our trust and distribute your assets in the manner you specified.
Please see the following previous posts for additional information regarding trustees:
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Tagged administration portion, assets, attorney, business, California Lawyer Magazine, economy, Estate Planning, Law Firm, lawyer, Los Angeles, probate, setting up a trust, successor trustee, Trust, trust administration, trustees