Have You Considered Planning for Your Digital Assets in Your Estate Plan?
Authored by: Ollvia R. Holcombe-Volke, Esq. – Elville and Associates – 443-393-7696, olivia@elvilleassociates.com
The law regarding digital assets is evolving, though its ability to keep pace with the evolution of digital assets themselves is an impossibility. These days, most, if not all, photographs, personal communications, and personal information are digitally stored – not to mention financial information, business and legal documents, and tax records. We’ve all experienced the frustration of forgotten passwords and re-establishing access to our digital accounts. But what happens to all of that stuff when we become incapacitated, or die?
Including a “Power to Manage Digital Assets” in a Power of Attorney document (authorizing an Agent to act on your behalf) is one step toward addressing this issue. Reviewing the terms of any agreement you may have with various digital service providers, and putting into place their specific authorizations for someone else to access and manage your account, is another. For solo businesses with significant digital assets, establishing a business succession plan and addressing this issue in the company’s documents is imperative. Most importantly, discuss this issue with your attorney. Otherwise, access to vital personal and business digital assets may die with you.
