• Elder Law Attorney Brooklyn Queens Bronx
  • Elder Law Attorney Brooklyn Queens Bronx
  • Elder Law Attorney Brooklyn Queens Bronx
  • Elder Law Attorney Brooklyn Queens Bronx
  • Elder Law Attorney Brooklyn Queens Bronx
  • Notable Black Leaders & Executives

Digital Assets in Estate Planning

When most people talk about estate planning, they concern themselves mostly with money or physical assets: their homes, their cars, their bank accounts and family heirlooms. Without realizing it, they may be excluding an entire class of assets.  Digital assets will also need to be accounted for and distributed in an estate plan. Here are a few things to keep in mind when accounting for your digital assets in your estate plan:

  • Be aware of all of your digital assets
    • The term “digital assets” broadly refers to any important property you own that only exists in a digital format. This includes, but is not limited to: digital currency (e.g.-Bitcoin), websites, documents, music, photographs, email accounts, art projects, and any copyrighted, trademarked, or patented material. It can be difficult to keep track of everything, especially since many people keep digital files backed up to cloud services. When planning your estate, keeping track of all of these digital assets is essential.
  • Keep records that can be accessed by others
    • From a security perspective, the safest thing to do with your digital assets is to lock it up in a device that can only be accessed through a password only you know with multiple layers of authentication. In the context of estate planning, that kind of security can create a nightmare for your executor or estate administrator when it’s time to distribute assets to your heirs or beneficiaries. Therefore, don’t be so obsessed with protecting your data that you make it inaccessible to your loved ones when they need it. Make sure someone you trust knows how to access these digital assets or knows where you store your passwords.
  • Make sure your account information is up to date
    • It is extremely common for people to have their assets locked behind a variety of accounts with different websites and companies. When you pass away, beneficiaries will need to access those websites. They must have your login information readily available. If your account information is inaccurate or out of date, your loved ones may find it nearly impossible to locate or access your digital assets.  This access is particularly important to those who are investing in Bitcoin and to store and maintain those digital currency in a digital wallet.
  • Keep backups of everything
    • Far too many people put all of their eggs in one basket, when it comes to their digital assets. Keeping all of your important data in a single device, or even a small handful of devices, can mean they become permanently lost if those devices are damaged or destroyed. Therefore, you should keep backups of anything important, to protect against the possibility of disaster.
  • Decide who you want to get your digital assets
    • Finally, just like any other asset, you will need to decide who will get possession of your digital assets. This is not a small decision, as some digital assets can have extraordinary value, especially if they are used as part of a business enterprise. That is why you should make sure to speak to a lawyer with knowledge of estate planning who can advise you on how best to handle your digital assets.

Whether for yourself or for a loved one, estate and elder law planning can be overwhelming and emotionally taxing. The legal professionals at Hobson-Williams, P.C. will advise you on the options available to you, and help you establish a plan that best suits your needs. Call (718) 210-4744 or visit our contact page to speak to one of our attorneys and learn how Hobson-Williams, P.C. can help you gain the peace of mind that comes from being prepared for the future.

Written by Tanya Hobson-Williams

Appointed to the bench by the Board of Trustees in 2008, and elected in 2009, Tanya Hobson-Williams was the first African-American Female Justice in the Incorporated Village of Hempstead. Tanya Hobson–Williams obtained her B.A. in Government and Politics from St. John’s University and her law degree from Benjamin N. Cardozo School of Law.

Tanya Hobson-Williams has an active elder law practice assisting senior citizens in obtaining Medicaid for Home Care and Nursing Home Care. She routinely lectures at senior citizen centers, assisted living facilities, law schools and counsels families on a variety of topics of concerns to families caring for the elderly.

homepagetwitterfacebooklinkedingoogle plus

Author: Tanya Hobson-Williams

Appointed to the bench by the Board of Trustees in 2008, and elected in 2009, Tanya Hobson-Williams was the first African-American Female Justice in the Incorporated Village of Hempstead. Tanya Hobson–Williams obtained her B.A. in Government and Politics from St. John's University and her law degree from Benjamin N. Cardozo School of Law. Tanya Hobson-Williams has an active elder law practice assisting senior citizens in obtaining Medicaid for Home Care and Nursing Home Care. She routinely lectures at senior citizen centers, assisted living facilities, law schools and counsels families on a variety of topics of concerns to families caring for the elderly.

Leave a Reply

Your email address will not be published.

Testimonials

“I want to take this time to thank Tanya and Keith for their professionalism and their ability to keep me calm during this process. Tanya was very helpful in explaining the whole guardianship process and my next steps. Despite my numerous emails, I never felt ignored or that they were growing weary of me. Even after being granted guardianship when I had an issue with the bank releasing money Tanya stayed calm and found a way to get what I was entitled to. I hope I never need to do this again but if I do, I will definitely come back to Tanya and her team. Thank you Thank you Thank you. Love from Bermuda.”

-K. Durham.
(An attorney in Bermuda transferring a Bermudian guardianship to NY)

Read More »

  • Elder Law Attorney Serving Queens Bronx Brooklyn

    Elder Law

    Elder Law encompasses a broad range of legal matters. It is important for everyone, regardless of age or health, to plan for the future.

  • Guardianships Attorney Serving Queens Bronx Brooklyn

    Guardianships

    The legal system recognizes that some adults, whether due to disease, dementia, mental deterioration, or disability, are unable...

  • Medicaid / Medicare Fraud Attorney Serving Queens Bronx Brooklyn

    Medicaid / Medicare Fraud

    Medicaid is a joint state and Federal program that provides insurance to individuals based upon their income and resources, while Medicare...

  • Reverse-Mortgage Foreclosures Attorney Serving Queens Bronx Brooklyn

    Reverse-Mortgage Foreclosures

    Reverse mortgages are becoming an increasingly popular way for aging homeowners to refinance...

  • Landlord-Tenant Attorney Serving Queens Bronx Brooklyn

    Landlord-Tenant

    Landlord Tenant law can be a complex and confusing subject. Disputes over leases and rent payments are often emotionally...

  • Business Law Attorney Serving Queens Bronx Brooklyn

    Business Law

    From the initial startup of your business to any issues you may encounter along the way, you can rely on Hobson-Williams, P.C. for effective...

  • Collections Attorney Serving Queens Bronx Brooklyn

    Collections

    Hobson-Williams, P.C. has a full-service debt collections department, with experienced debt-collection attorneys who will...

  • Real Estate Transactions Attorney Serving Queens Bronx Brooklyn

    Real Estate Transactions

    Many people question why they need an attorney to purchase or sell a home.

Litigator of the Year
Women-Owned Law Firm
Long Island's 50 Top Women
Minority-Owned Law Firm
Brooklyn Bar Association
Queens County Bar Association
New York State Bar Association
Lawyers of Distinction
Outstanding Women in Law

24 hour service
Call Toll-Free:
24 Hours a Day, 7 Days a Week

Phone: 1-866-825-1LAW
Phone: 1-866-825-1529

Queens Office:

  • 87-01 Midland Parkway, Lobby A
    Jamaica Estates, New York 11432
  • Phone: 718-210-4744
  • Fax: 718-928-2210

Brooklyn Office:

  • By Appointment Only
  • Phone: 718-210-4744
  • Fax: 718-928-2210
Skip to content