Tag Archives: Digital Assets

Don’t Leave Your Fiduciaries Floundering (Part 2)

Estate Planning Attorney Woodland HillsContinuing from Part 1, here are 2 more suggestions you can do to make the task of being a fiduciary easier:

  1. Digital Assets. As e-commerce and money transfers become more common, consider adding a second called “Digital Assets” and include the following:
    1. Online only accounts like PayPal
    2. Accounts which you have opted to access online, such as banking accounts, online businesses or activities involving the electronic transfer of funds.

It would also be of assistance to leave your online account information and passwords in a secure location that your legal representatives can access — bearing in mind the need to Continue reading

How to Protect your Digital Assets (Part 3)

Digital AssetsContinuing 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

The Care and Preservation of Your Digital Assets (Part 1)

Digital AssetsHow 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.