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
The Due Diligence Process for NY Condominiums and Cooperatives
While the New York City real estate market can be extremely competitive, moving too quickly often backfires. Before purchasing a condominium or cooperative in New York City, it is important to do you homework. Purchasing property in NYC can involve a dizzying number of legal issues. These include condo and co-op rules, rent restrictions, and […]
Author: Jesse M. Dimitro
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Author: Bryce S. Robins
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
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.