Digital assets are becoming more significant in our daily lives. Recently there have been articles in the WSJ, NY Times, and even the London Times about problems in the management of our online identities or digital assets. a DAP® Trust can help protect all of your digital assets from the loss that occurs upon your death and can even allow those you specify to mange them if you become incapacitated. Often our digital or online live is as complex as our traditional transactions and while a written power of attorney can help deal with a bank, try to deal with an online entity. It is likely you will not get very far. That is why a DAP® Trust is so important.
Digital Assets include your iTunes music and applications, Facebook, Twitter, photo sharing sites, email addresses, bank and financial institution credentials and anything else you have a login and password for.
There are many problems with digital assets and traditional estate planning techniques. The biggest problem is that most digital assets are licenses that are non-transferable and expire upon death or short terms of inactivity. A DAP® Trust or Digital Asset Trust can manage these assets and allow those who you pre-select to access them without violations of the license terms and without potential liability to others who may claim an interest or claim to have been harmed by the improper access and use of information contained in these assets. To read more about digital assets see the Digital Asset Protection Trust section of the Florida Estate Planning Lawyer Blog.
If you would like to discuss setting up a Digital Asset Trust to protect your digital assets contact a Digital Asset Protection Trust Lawyer or call us at 904-685-1200.