Leading estate planning lawyer founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA emphasizes the importance of including digital assets in estate planning to prevent complications for grieving families. For more information please visit https://www.brumfieldlawgroup.com

Bakersfield, CA, California, United States - May 3, 2024 —

Failing to address digital assets in an estate plan could come to haunt a relative’s grieving family, warned California estate planner Robert Brumfield.

 For more information please visit https://www.brumfieldlawgroup.com

Given that most members of society now live in a highly digital world, it is easy to overlook the assets that may exist in this virtual landscape.

Digital assets exist online or in the virtual world, not the physical. While a person can’t feel, smell, hear, or taste them, they are there, and so they can be seen —everything from an Instagram snap to a Facebook chat and cryptocurrency. Even the device – computer, tablet or phone - that the assets exist on is an asset!

“With our lives becoming increasingly digital in the virtual world, so have our assets. Managing digital assets in probate is the next frontier in estate planning,” said Brumfield, founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA

While images of a family holiday are of sentimental value, a YouTube channel or a profitable blog can generate income even after the owner has died. Music, artwork, and eBooks are all digital assets that potentially yield royalties that can add to an estate.

He added that domain names may have resale value, while computer equipment could hold monetary value. “Don’t forget, if you own a business, there may be intellectual property rights, patented technology, websites, domain names and financial transactions online that you should include in your estate plan,” he said.

Brumfield provided invaluable guidance on handling these digital assets, ensuring they are protected and transferred seamlessly during the probate process.

“We possess a treasure trove of digital assets, including cryptocurrencies, online accounts, social media profiles, and intellectual property rights. Managing these assets can be complex, requiring careful consideration and planning.”

Brumfield advised that individuals planning their estates should consider cataloging their digital assets. If loved ones and even executors are unaware of passwords or the extent of crypto wallets and tokens, this may otherwise be challenging.

Security and access to digital assets are paramount, so it is essential to designate a digital executor with the passwords to access them.

“The legal landscape surrounding digital assets is evolving rapidly,” he said, “but the necessity to issue clear instructions in wills and trusts remains. Executors of estates often face the challenge of managing digital assets with no experience in the digital realm.”

He added: “However, technology is also evolving to assist with managing digital assets in probate, including digital estate planning tools and blockchain-based solutions. As technology advances, so will the management of digital assets in probate.”

“What’s in the cloud shouldn’t remain in the cloud and hanging over your family when you die. The best thing is to be proactive and document who gets what, both with your sentimental and monetary assets.”

Brumfield concluded: “Consider what needs to be closed down after you die and what can be passed on to beneficiaries. When considering estate planning, ask your attorney what is required and what issues may arise. A digital plan should be part of an overall estate plan.”

 Source: http://RecommendedExperts.biz

Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: 661-464-7770
Website: https://www.brumfieldlawgroup.com

Release ID: 89127961

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