Managing the probate of an estate can be a daunting task. It can be a lengthy process, and you must address each step in a specific manner and in a particular order to comply with the law.
Holding digital assets can complicate the probate process. Identifying and valuing these assets, and selling them, if necessary, can be a challenge. Contact one of our probate attorneys at Amity Law Group, LLP, if you are involved with an estate that contains digital assets in Covina, or if you need advice about ensuring your heirs have access to your online estate.
What Are Digital Assets?
Many people think of digital assets as cryptocurrency. While crypto is a digital asset, most people hold numerous others, such as rewards program points accrued with airlines, hotels, retailers, and credit card companies.
Digital assets also include:
- Websites and email addresses
- Domains
- Intellectual property, such as manuscripts, photographs, videos, and music
- Electronic storage platform accounts
- Accounts on e-commerce sites
- Electronic banking and brokerage accounts
- Profiles on social media platforms
It can be difficult to identify digital assets after death. Password requirements and verification procedures can hamper an estate’s representative in their efforts to account for, value, and distribute these assets to the deceased person’s heirs. Hiring a probate attorney in Covina could help you to locate and access digital assets.
The Law Concerning Digital Assets
There are steps you can take before you die to help the person managing your estate deal with your digital assets. California Probate Code § 873 allows you to inform the custodian of a digital asset, the web host, service provider, or website, of how your activity and online estate on their platform will be managed after your death or incapacity.
Some platforms are equipped with an online tool that allows you to specify what information will be disclosed and access granted after your death. You can typically find these tools in the advanced security or privacy settings of your account. You can designate a recipient for the information or assets, and your designee will take precedence if you have appointed a different person to manage your estate.
If the deceased person did not designate a recipient, the process of obtaining their information is complex. It often requires a written demand to the custodian for access, and typically, the custodian will require numerous supporting documents, sometimes including a court order. An experienced Covina probate attorney could guide you through the process of managing an estate with digital assets.
Digital Assets and Estate Planning
If you have digital assets, you can protect the interests of your family and other beneficiaries by addressing them in your estate plan. You can use the tools provided by online account platforms to designate a person to access your information after your death. In addition, you can leave a list of your digital assets with instructions so that the person managing your estate knows how to access them.
Hiring a trusts and estates lawyer in Covina could help ensure your wishes for your digital assets are carried out after you die. It may be beneficial to put your assets in a trust. A trust agreement could bestow the legal authority to access your assets on the trustee. If you choose not to put the assets in a trust, a legal professional could include explicit access authority and instructions in your will.
Your inventory of digital assets and access instructions should be updated regularly. This will ensure that the personal representative of your estate has access to manage your digital assets and distribute them to your heirs and beneficiaries.
Work With a Covina Attorney To Manage an Estate’s Digital Assets
When creating an estate plan, you should consider your digital assets. Neglecting to include them, regardless of value, could create unnecessary complications for the person managing your estate after your death.
At Amity Law Group, LLP, our lawyers have experience working with digital assets in Covina. Schedule a consultation today to learn about incorporating digital asset management into your estate plan or for help handling a probate matter involving these assets.
