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
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Author: Donald M. Pepe
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
Author: Marc J. Comer
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
Author: Jay McDaniel
Data Center, Dark Fiber, and Lit Services Agreements in New Jersey: Key Terms and Legal Pitfalls
For New Jersey data center owners and operators, a service agreement may look routine when it is signed. The network is functioning, the vendor is meeting its installation schedule, and the parties have agreed on pricing and performance specifications. The provisions that seem most important at that stage are often the technical ones. That changes […]
Author: George McGowan
Fort Monmouth Redevelopment and the Transformation of Monmouth County Real Estate
The Fort Monmouth redevelopment has entered its execution phase, and it is repositioning the broader Monmouth County real estate market. When Netflix and the Fort Monmouth Economic Revitalization Authority closed on the 292-acre Mega Parcel in December 2025, the transaction did more than hand over a deed. It marked the moment Fort Monmouth stopped being […]
Author: Donald M. Pepe
Local Zoning and Land Use Rules Every New Jersey Rental Property Owner Should Understand
Owning a residential rental property in New Jersey involves more than finding tenants and collecting rent. Property owners must comply with a combination of state laws, municipal ordinances, building and housing codes, and zoning and land use regulations. These requirements can affect everything from the number of dwelling units permitted at a property to whether […]
Author: Donald M. Pepe
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.