When you think of your estate plan, you may have forgotten to take important assets into consideration when establishing your plan. In today’s digital age, many of your assets may not be physical, instead existing in the online sphere. Known as digital assets, understanding what happens to them is critical. One thing you may not have considered is whether or not your digital assets will be subject to the Probate process. If you’re interested in learning more, the following blog explores what you should know and why connecting with a Medina County, Ohio probate lawyer is imperative to protecting your assets and Beneficiaries.
What Are Digital Assets?
Though most people assume their estate plan is limited to physical property, this is far from the truth. In reality, the world is changing and relying more and more on the things we do online. As such, the assets on your computer are also considered a part of your estate plan. Your digital assets can include, but are not limited to, the following:
- Online banking accounts
- Cryptocurrency or Non-Fungible Tokens (NFTs)
- Reward points
- Online subscriptions
- Email accounts
- Social media accounts
- E-commerce stores
- Music libraries
Planning for the future is important, so taking inventory of your assets and determining how you would like them distributed is imperative to achieving peace of mind. You should also appoint a Digitial Executor who will be responsible for handling these assets, you should leave a list of your passwords, security questions, and two-factor authentication matters so your Executor can access these assets.
Are These Subject to Probate?
It’s important to understand that there are some difficulties regarding digital assets and Probate. This is because some digital property represents physical assets, whereas other assets, like cryptocurrency, are not centralized. As such, this can pose legal and jurisdictional challenges. This means that Probating these assets can be challenging as determining the value can be incredibly complex.
Like all assets in an estate, your digital assets can be subject to the Probate process depending on how you include them in your estate plan. For example, if you put your digital assets in a Trust Fund, they may not have to go through this process as they are technically no longer held in your estate but instead held and managed by the Trust Fund.
As you can see, managing digital assets during the Probate process can be overwhelming, as many factors contribute to how these matters are handled. As such, it’s in your best interest to connect with an experienced attorney who can help you navigate these matters. At Krause Law, we understand that Probate can be intense, especially if you are still mourning the loss of your loved one. That is why our team is dedicated to assisting you through these complicated times. Connect with us today to learn how we can assist you.
