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
Company Dissolved? Legal and Financial Consequences to Expect
A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences. It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]
Author: Jay McDaniel
The Legal Implications of Signing a Triple Net Lease
A triple net lease is a commercial lease in which the tenant pays the property’s real estate taxes, insurance, and maintenance costs, known as the three nets, in addition to base rent. They are most often used in freestanding retail and office buildings and in large single-tenant industrial properties, with terms that typically run 10 […]
Author: Donald M. Pepe
When to Settle and When to Fight: A Litigator's Framework
Every lawsuit comes with a cost, and knowing when to settle a lawsuit is one of the most consequential decisions a business owner will face. Experienced litigators understand how to minimize cost and obtain certainty for their clients. For many business owners, the decision is viewed almost entirely through a financial lens: What will it cost […]
Author: Sean M. Pena
A Whistleblower Just Filed a Complaint Against Your Company: Here's What to Do Now
Few situations create more uncertainty than learning that an employee has filed a whistleblower complaint. Questions arise immediately: Is the allegation legitimate? Should the employee be placed on leave? Do we need to notify our insurance carrier? Are we now prevented from disciplining the employee if there are unrelated ongoing work related issues? There is […]
Author: Sean M. Pena
Assignment for the Benefit of Creditors: An Alternative to Bankruptcy for Distressed Businesses
When a business reaches the point where it can no longer service its debts or otherwise resolve its liabilities, management is often faced with a difficult question: is a bankruptcy filing necessary or is there another way to perform an orderly liquidation or sale of the business assets? While Chapters 7 and 11 of the […]
Author: John D. Giampolo
Breaking Down New Jersey’s “Mansion” Tax: What Buyers and Sellers Need to Know
For many years, the New Jersey Mansion Tax has been a significant consideration in high-value real estate transactions. Recent legislative changes, however, have substantially altered how the tax operates, including who is responsible for paying it and the amount owed in certain transactions. Whether you are purchasing, selling, or investing in New Jersey real estate, […]
Author: George McGowan
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.