Our modern society is much different from our parents’ day, and even more different from their parents’ generation. Technology has always played a role in estate law, as this complex field covers all of the acquirable assets that citizens can possess. Your grandparents’ estate likely consisted of a will, living and revocable trusts, life insurance payments, and other physical attributes that are easy to find via paper documentation. The days of keeping valuable documents in a safe may be over, as more and more assets are centered online. Unfortunately, many Americans rely on their will and estates for planning, accounting for physical property while often neglecting online accounts. Citizens who fail to plan or consolidate their digital assets before passing away can create numerous problems for their loved ones. As your trusted estate lawyers in Maryland and D.C., JDKatz is here to help.
Our experienced attorneys rely on comprehensive support from a wide range of professionals to ensure that you are receiving the best possible service. We work hard to create personalized solutions to meet your goals. Today, we’ll overview why estate planning is important in the digital era, as well as the value that our team can provide for your long-term plans!
What Is a Digital Estate Plan?
In simplest terms, this strategy involves planning for the dispersal of your digital assets once you pass away. Estate law is complex, leading to confusion and anxiety for many people who feel wronged by the system. If you were to die without clear instructions such as your credentials for access to online finances, a number of problems can develop for your loved ones, including:
- Lack of knowing. Without a paper trail, your family may not even be aware of certain online assets. Forgotten accounts can lay dormant for years, often closed due to inactivity.
- Unable to locate. Even if you provide the information needed to access funds or other properties, your loved ones may not know where to begin to locate said funds. Details will be needed such as web addresses, emails, routing numbers, and so on.
- Access denial. Modern cybersecurity is in place to deter identity theft. You’ll need to leave clear instructions for how to gain access to your online wealth. Working with an estate planning attorney can help in legitimizing the transfer process.
- Confusion of dispersal. If your family is able to locate and access your online assets, a lack of an estate plan can lead to confusion as to how to divide up gifts for your beneficiaries.
- Not reporting assets. If your assets are determined to be valuable, the dollar amount can affect your taxable estate. This may complicate planned gifts for your loved ones. It’s important to account for all digital assets and plan for them ahead of time.
Benefit With Our Estate Planning Attorneys
The JDKatz team is here to deliver comprehensive assistance to optimize your family’s future. Our estate lawyers deliver will and trust services to keep your assets up to date and protected. Estate planning for digital assets differs from physical properties, but the goals are the same.
JDKatz will help you build a comprehensive strategy for creating the best outcome for both the enjoyment of your family and the continuation of your estate. A proper estate plan will benefit your loved ones by providing:
Details and locations of any existing accounts. Disclosing all of your accounts in a clear format will make it easy for family members to find all assets.- Information needed for access. Passwords, security questions, and other features may be needed to gain entry to an account. Your estate plan can account for this and put proper protocols in place for family convenience.
- Property valuation. If you have online assets that are valuable, it may be very important to document said assets for future reporting.
- Dispersal of assets. Once the proper details have been taken care of in terms of tax liabilities, your beneficiaries will receive any designated digital property.
- Online protection. It’s essential for you to keep your identity and your online assets safe at all times. Digital estate planning often includes security plans to take further protection against online theft.
Modern Estate Planning Services
JDKatz is here to help you every step of the way to ensure the best outcome for everyone involved. Our attorneys will work hard to optimize the process for you and your loved ones, utilizing our decades of combined experience to leverage the best strategies to keep your assets protected throughout your life and beyond. Something as simple as utilizing a USB storage device as a secure backup for your plans can result in major benefits once your family is left with your estate.
If you’re looking for an estate lawyer in Maryland to help with your digital assets, JDKatz is here and ready to help. Our estate planning attorneys in Bethesda and D.C. work hard to create the best outcome for each and every one of our clients. Call us today to see how we can help your plans!
