The Livens Law Firm

Estate planning now includes reference to one???s digital assets

Traditional estate planning in Texas has not yet caught up with the intricacies of the digital assets that most people are at least beginning to amass. These assets can include but are not limited to such things as PayPal accounts, bank accounts, intellectual property (such as blogs, e-books, poetry and other works of art), along with domain names and other electronic compilations. The best estate planning strategy to keep up with the growing list of assets that one may want to dispose of properly at death is to first of all prepare a thorough inventory of the items.

The list should give web addresses and passwords necessary to access accounts. The list should be provided to one's personal representative along with a letter of instructions describing how to handle each asset. If necessary, an asset may have to be included in one's will and bequeathed properly and legally in that manner.

In that respect, the digital estate is a vital matter to include when talking with one's estate planning attorney. The plans for these assets will be accordingly handled properly once the estate attorney is advised of the inventory. Therefore, it is always the best procedure to coordinate these matters seamlessly between one's estate planning attorney and one's loved ones who will be processing the estate.

Although it is easy for an individual to see that bank accounts and other financial accounts that exist and are mainly recorded online are always key matters that will comprise part of one's estate, it may be easy to neglect the less obvious things. A domain name, for example, may be worth something and may have a market value in Texas or nationally, even if there is no thought of continuing the web page after death. In addition, a web page that has been nursed along for years may start to bring in a significant income. Such matters should be coordinated with partners and other owners, and one's intentions should be updated at all times with one's estate planning attorney.

Source: seekingalpha.com, "Estate Planning: Don't Forget Your Digital Assets!", Evan Powers, April 10, 2016

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Schedule A Consultation With An Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

2516 Harwood Road
Bedford (Fort Worth), Texas 76021

Toll Free: 800-569-2663
Phone: 817-545-3425 (FW)
Fax: 817-545-9847 (FW)
Map & Directions

14135 Midway Road
Suite G-250
Addison (Dallas), Texas 75001

Phone: 972-685-5202
Fax: 972-685-5206
Map & Directions

Livens & Reed

Free Initial Consultation | Se Habla Español

Bedford (Fort Worth): 817-545-3425 | Addison (Dallas): 972-685-5202 | Toll-Free: 800-569-2663