How lots of you get “paper” financial institution statements? How many you write “paper” checks to pay your month-to-month payments? How a lot of you pay your payments by means of mechanically scheduled funds? How a lot of you retailer and save your private info in your computer systems and on third celebration websites? And what occurs to this info if you’re now not round? Can your loved ones get entry to it?
According to a 2011 Census greater than three-quarters of all Americans owned a pc. That quantity elevated to just about ninety% of all Americans who had a bachelor’s diploma or greater. Today, the overwhelming majority of the inhabitants owns a pc and with it, what at the moment are known as “digital property”.
A digital asset has been outlined as “info created, generated, despatched, communicated, obtained or saved by digital means on a digital machine or system that delivers digital data.” In widespread parlance, digital belongings embody private data contained in:
Online accounts with monetary establishments (e.g. banks or bank card corporations)
Social media accounts resembling Facebook, LinkedIn, YouTube, Twitter, the place a 3rd occasion permits the account holder to retailer private info
Online accounts with boards resembling Amazon, eBay or Craigslist, that not solely enable customers to purchase and promote however facilitate such transactions with on-line forex accounts reminiscent of Paypal.
Reward packages, akin to frequent flyer miles or reward factors.
How many of you get “paper” bank statements? How many you write “paper” checks to pay your monthly bills? How many of you pay your bills through automatically scheduled payments? How many of you store and save your personal information on your computers and on third party sites? And what happens to this information if you are no longer around? Can your family get access to it?
According to a 2011 Census more than three-quarters of all Americans owned a computer. That number increased to nearly 90% of all Americans who had a bachelor’s degree or higher. Today, the vast majority of the population owns a computer and with it, what are now referred to as “digital assets”.
A digital asset has been defined as “information created, generated, sent, communicated, received or stored by electronic means on a digital device or system that delivers digital information.” In common parlance, digital assets include personal information contained in:
- Online accounts with financial institutions (e.g. banks or credit card companies)
- Social media accounts such as Facebook, LinkedIn, YouTube, Twitter, where a third party allows the account holder to store personal information
- Online accounts with forums such as Amazon, eBay or Craigslist, that not only allow users to buy and sell but facilitate such transactions with on-line currency accounts such as Paypal.
- Reward programs, such as frequent flyer miles or reward points.
Stay tuned for Part 2 of “The Care and Preservation of Your Digital Assets”, where we will be discussing examples of digital asset disasters. If you have specific questions regarding your digital assets, you can contact our Estate Planning Attorney in Woodland Hills, Ca today.