Planning for Digital Assets

In this article by Deborah J. Tedford, an attorney and principal in the Tedford Law Firm of Mystic, Connecticut, she discusses the very important issues surrounding digital assets.

Introduction. Unheard of twenty years ago, digital assets have become ubiquitous in our society. Estate planners must be able to advise clients on planning and administration of these assets. Issues relevant to estate planning covered below include: (1) what digital assets are, (2) why they must be considered in modern estate planning, and (3) how best to create such a plan.

Definition of Digital Assets. The best definition of digital assets depends on the circumstances. The simplest definition is any electronically stored information that holds value. When speaking to clients, especially those who are not particularly interested in or experienced with technology, it can be helpful to define digital assets in terms of examples. Email accounts are a form of digital asset, as well as Facebook or other social media accounts. Other, less common examples include digital currency, such as Bitcoin, or digital property held in video games or online virtual worlds."...

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