LEGAL TALK
Estate Planning For Digital Assets BY LAUREN C. ENEA, ESQ
you may have stopped printing photo- ones with the information they need to gain graphs and instead store them on Google access is crucial. Additionally, you should PhotoorShutterfly.Ifyoulostallofthose review the Terms of Service Agreements photos, how would you feel? How would of your digital providers to see if any thirdyour loved ones feel if they could not ac- party authorization can be noted in your cess them after your passing? account(s). Facebook, for example, allows you to choose a “legacy contact” who Regardless of the preferred record-keep- 3. WHAT CAN I DO TO PROTECT AND would be granted access to your Facebook ing mode, most people have some sort ORGANIZE MY DIGITAL ASSETS? page and the ability to delete the page or of digital footprint, making it important I recommend you start by creating a list memorialize it after your passing, in acto know who would have access to your of all your digital accounts and associated cordance with your wishes. As such, you digital assets if you become incapacitated usernames and passwords. Once you’ve should leave specific instructions in and how those assets would be distrib- created your list, you should then priori- estate planning documents or in a sepauted in the event you pass away. tize your list based on which accounts a rate letter for your Executor, Trustee and/ loved one would need to access should or Agent under a Power of Attorney as to Let'sfirstunderstandthebasics: you become incapacitated or pass away. where they can find your passwords, what Accounts that play an important role in you would like done with your digital asset 1. WHAT IS A DIGITAL ASSET? yourcurrentpersonalandfinancial accounts lifeare and social media accounts and, Generally speaking, a digital asset is any the accounts you will want to include in most important, who is to receive your digitype of electronic data you have the right your estate plan. tal assets upon your passing. to access. For example, it can be an email account, social media account, online 4. WHAT SHOULD MY ESTATE PLAN Digital assets are now a part of everyday bank account, online subscription account, SAY ABOUT MY DIGITAL ASSETS? life. Make sure to plan for them the same e-commerce account (such as Amazon), Most states, including New York, have laws way you do for your brokerage accounts, photo storage account, cellphone apps, that grant a decedent’s executor under a home and retirement assets! loyaltyprogrambenefitsaccount,and - Last elec Will and Testament, or agent under a n n n tronic currency wallets (cryptocurrency). Power of Attorney the right to access and Lauren C. Enea, Esq. is an Associate at Enea, Scanmanage digital assets. Your Will, Power of lan & Sirgnano, LLP. She concentrates her practice 2. WHY DO I NEED TO WORRY Attorney and Revocable Trusts (if transfer- on Wills, Trusts and Estates, Medicaid Planning, Special Needs Planning and Probate/Estate AdminABOUT MY DIGITAL ASSETS? ring digital assets to a Trust) specifically istration. She believes that it is never too early or too Because they are just as important as the should reference the right to manage and late to start planning for your future and she enjoys cash or credit card in your physical wallet! access your digital assets and digital devic- working with individuals and families to ensure that It is easy to lose sight of your digital as- es. That being said, having the authority to their estate and long- term care plan best suits their sets because they are… well, digital. But gain access and the ability to gain access needs. Ms. Enea is on the executive committee of the New York State Bar Association (NYSBA) Elder Law that does not make them valueless. In areverydi-erent. Certaindigitalplatforms and Special Needs Section and is also the Co-Editor fact, digital assets may be more valuable have very strict guidelines for granting ac- of the NYSBA Elder Law and Special Needs Section (monetary or sentimental) than some cess to a third party. As such, organizing Journal. She is admitted to practice law in New York items we have in our home. For instance, your digital assets and providing your loved and Florida. She can be reached at 914-948-1500. As someone who grew up during the introduction of electronic banking, text messaging, and social media, I live in the cross-roads of storing records “the old-fashioned way” (in cabinets and closets in my home) and storing records “on the cloud” (whatever that means!).
What steps have you taken to protect your life savings from the cost of long term care? . Elder Law . Asset Protection . Medicaid Applications (Nursing Home/Home Care) . Guardianships (Contested/Non-Contested) . Wills, Trusts & Estates WHITE PLAINS
.
SOMERS
.
WWW.ESSLAWFIRM.COM
Contact LAUREN C. ENEA, ESQ. westchesterseniorvoice.com
18
. 914.948.1500 summer 2022
