Experienced estate-planning and probate attorney Michael Smith, founder of Smith Barid, LLC, stresses the importance of including digital assets—such as social media accounts, cryptocurrency, and online financial accounts—in estate plans. For details, visit https://smithbarid.com
-- Leading Probate and Estate Planning Attorney Michael Smith has warned that digital assets—from social media accounts to cryptocurrency holdings—should be fully integrated into a person's estate plan.
For more information, please visit https://smithbarid.com
Smith of Smith Barid, LLC said the temptation is often to ignore or leave digital assets aside because they technically exist in the virtual world.
Digital assets can include a wide array of online properties such as Facebook, Instagram, and X (formerly Twitter) accounts, email accounts, music, images, or video clips stored in the cloud, cryptocurrency wallets, non-fungible tokens (NFTs), and online bank and investment accounts.
Smith said: “There are also domain names and websites that people may own and operate, either as a hobby or from a business perspective. The digital world encompasses every aspect online and should be considered integral to an estate plan so that executors can actively manage them when the time comes.”
He advises anyone creating an estate plan to record usernames, passwords, and authentication codes for all digital activity. “It can be a very challenging time for families after a loved one’s loss to then try and work out what to do with their virtual assets.”
Estate plans should include instructions on how these digital assets should be handled to avoid confusion—or the risk of valuable items, such as cryptocurrency wallets, being permanently lost.
Login credentials should ideally be stored securely and updated regularly. The estate plan can reference this list and provide detailed handling instructions.
Smith recommended consulting an estate planning attorney with specialized knowledge of digital asset management. “There are many complexities facing executors dealing with the digital aspects of a person’s life. These range from privacy laws and terms of service agreements to the transfer of account ownership.”
While an estate plan typically nominates an executor to manage assets upon death or incapacity, it might also be beneficial to appoint a digital executor.
Smith said: “A digital executor is designated to manage the digital assets of an estate. Their responsibilities may include closing or transferring online accounts, deleting content, or preserving a person’s online presence.
“The digital executor should be granted legal authority in the will and given explicit instructions to avoid legal complications.”
He further warned that digital assets can pose unique risks. Executors should act promptly to prevent identity theft, hacking, or fraud. “Digital assets are still a gray area in legal terms, and they can be challenging to navigate.”
“It is increasingly critical for people to include these assets in their estate plans, as the digital world becomes ever more intertwined with our lives.”
Smith concluded: “Probate law is slowly catching up, but digital assets continue to create uncertainty for heirs. These assets may carry sentimental or financial value, and proper planning can ensure they are protected and preserved.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michael Smith
Email: Send Email
Organization: Smith Barid, LLC
Address: 7393 Hodgson Memorial Dr #202, Savannah, GA 31406, United States
Phone: (912) 352-3999
Website: https://smithbarid.com
Release ID: 89171076
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