Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Digital assets should be included in an estate
Author: Scarinci Hollenbeck, LLC
Date: May 2, 2014
Key Contacts
Back
When most people are planning their estates, they typically focus on tangible and financial assets, like real estate, capital holdings and bank accounts. In the modern age, however, it is also important to consider digital assets. North American respondents to a McAfee survey valued their digital assets at an average of $54,722 – a sizeable sum. These assets included downloaded music, email accounts, photos, health records, contacts and creative projects, among others.
According to Fox Business, it can be extremely difficult to find, and subsequently gain access to, the digital assets of a deceased person. As we conduct more of our business and personal interactions online, it is becoming more important to consider how beneficiaries can gain access to accounts and assets that they hold after death.
In the past, when we did more business on paper, there were clues around the house as to the accounts that a deceased individual held, what that person may have owned and what he or she owed, the news source explained. Now, much of that information is digital, which can be an issue, as much of that digital information can be difficult to access. If a deceased person held a large sum of money in a bank account, for example, but failed to inform his or her beneficiaries, they might never find out about that asset.
One issue that beneficiaries can also face is the federal Computer Fraud and Abuse Act, according to USA Today. This law prohibits unauthorized computer access, and doesn’t technically specify between hackers and heirs. The Uniform Law Commission, a Chicago-based nonprofit that works for uniformity of state laws, is working to address this problem. The Commission is drafting a law for proposal that would give fiduciaries the authority to access, manage, distribute, copy or delete digital assets.
As we hold increasingly more digital assets going forward as a society, the importance of considering digital assets in estate planning is likely to only become more pressing.
- Practices: Tax and Trusts & Estates, Estate & Trust Litigation, Real Property Tax Strategies, Sophisticated Estate Planning & Wealth Preservation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Why Every Business Should Conduct an Annual Insurance Coverage Review
Most New Jersey business owners purchase insurance policies, file them away, and assume they are protected if a claim arises. Without a regular insurance coverage review, many companies discover gaps only after a lawsuit, cyberattack, property loss, or other significant event occurs. An annual insurance coverage review can help businesses identify potential risks, ensure their […]
Author: George McGowan
Demand Letters & Cease and Desist Letters: When to Send One (and When Not To)
Businesses and individuals often encounter situations where another party breaches a contract, fails to pay a debt, or continues harmful conduct. In many such disputes, a precisely drafted demand letter or cease-and-desist letter serves as a powerful legal tool. It can frequently resolve the dispute and avoid litigation. While demand or cease-and-desist letters can resolve […]
Author: George McGowan
How to Effectively Use Contracts to Manage Risk
Key provisions in your contracts, including those relating to indemnification, insurance, and defense, are essential to contract risk management. While sometimes considered “boilerplate,” these provisions play a pivotal role when determining which party is responsible for certain costs and liabilities. They must always be negotiated and drafted carefully. Indemnification Clauses Businesses should never overlook the […]
Author: George McGowan
Understanding Portability for Estate and Gift Tax
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Author: Marc J. Comer
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
Author: Marc J. Comer
How Can Trusts Be Used in Business Succession?
For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]
Author: George McGowan
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.