Why Creating a Digital Estate Plan is so Important in the Wake of COVID-19

Why Creating a Digital Estate Plan is so Important in the Wake of COVID-19

One of the most important things anyone can do is create a comprehensive estate plan. While writing a will and other documents are critical, one of the most overlooked aspects of estate planning is establishing your digital estate. Please read on and reach out to our experienced Bergen County estate planning attorneys to learn more about digital estates and how we can help you achieve the peace of mind you deserve. Here are some of the questions you may have about digital estate planning:

What is a digital asset?

In today’s day and age, virtually everybody has digital assets, and they are all worth protecting. Some of the most common examples of digital assets are as follows:

  • Word documents, spreadsheets, logos, and illustrations that may be of personal or monetary value.
  • Online accounts, such as Amazon accounts, social media accounts, and more.
  • Any information that you have stored on a cloud, online, or on a physical device.
  • Computing hardware such as external hard drives, flash drives, laptops, smartphones, digital music players, digital cameras, and any other type of hardware you may own.
  • Any intellectual property you may have, such as trade secrets, copyrighted material, and patents.
  • Domain names.
  • Digital tokens or cryptocurrency.

Why should I create a digital estate plan?

The benefits of creating a digital estate plan are similar to that of creating a regular estate plan: you protect your assets and ensure they go to the right place. However, that being said, you should also know that creating a digital estate plan helps avoid identity theft, provides your family with valuable information that may help settle your estate, and more. The more information you share with your trusted family members about your digital estate, the more it will help them in the future.

How should I protect my digital assets?

To protect your digital assets, you should store them with a trustworthy, competent estate planning attorney. Furthermore, you can also put your digital assets in an online storage service that you trust. Finally, if you are someone with physical digital assets, such as iPads, computers, or phones, you can keep them in a locked safe and provide your trusted loved one/executor with the code/key.

Contact our experienced Bergen County firm

At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

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