The term “digital assets” refers to content stored in digital form. Digital assets include electronic bank and investment account statements, e-mail accounts, social media accounts and passwords.
Much of the information stored on computers, hard drives and online accounts is password protected. Unless you plan in advance, the fiduciaries of your estate may not be able to access your digital assets to settle final bills and protect against post-mortem identity theft.
In addition, many people share experiences and details of their lives through social media accounts. There are some digital assets that have purely sentimental value, such as family pictures, which will be difficult for loved ones to preserve without access to password protected social media accounts.
With the increasing role of digital assets, digital estate planning has become a major issue for estate planners. Our firm in Nassau County can plan for the care of digital assets by providing advice concerning the safekeeping of usernames and passwords and the disposition of the digital assets.